Opinion: Bitcoin is considered Wall Street's ultimate risk measure.

Odaily Planet Daily reports that Bitcoin came under renewed pressure on Monday, proving its weak recovery from last week unsustainable. Over $1 billion in forced liquidations occurred in the crypto market within 24 hours.

The decline began Sunday night, fueled by tensions stemming from yen carry trades, and continued into Monday's US trading session, triggering a liquidation in the crypto market and sparking renewed concerns about a sell-off by the Bitcoin Reserve. By Monday afternoon, Bitcoin had fallen more than 7% in 24 hours, trading below $85,000, essentially erasing its slight recovery since November 2nd. Bitcoin has fallen nearly 32% from its all-time high of $126,080 on October 6th.

Investment analyst and Coin Bureau co-founder Nic Puckrin stated that Bitcoin is likely "one of the assets most vulnerable to safe-haven catalysts." Puckrin pointed out that the recent lack of buying demand from ETFs and crypto reserve companies has exacerbated the market's liquidity shortage. He believes the key level Bitcoin needs to watch is $82,000, a price widely considered the average cost basis for many ETF investors and Bitcoin reserve companies. (axios)