Bitcoin steadies near $67,000 as traders pay for crash protection

The average bitcoin ETF investor now sits on a 20% paper loss, leaving the market vulnerable to capitulation selling if prices slide further, a Wintermute trader said. What to know : Bitcoin stabilized around $67,000, avoiding a further breakdown for the moment, while altcoins lagged. Policy talks at the White House on the crypto market structure bill showed incremental progress, but strains in private credit markets and potential U.S. military action against Iran loom large over risky assets Crypto derivatives traders are playing defense, buying downside protection against a potential drop, the head of OTC at Wintermute noted.(Coindesk)