Bitcoin Dips to $60k, TRM Labs Reaches Crypto Unicorn Status

Cryptocurrency markets slid this week as investor worries over stagnant US liquidity grew following President Donald Trump's nomination of Kevin Warsh to lead the Federal Reserve. Bitcoin exchange-traded funds logged three straight days of outflows, with Farside Investors recording $431 million exiting on Thursday.

Bitcoin briefly dipped to $60,074 on Friday before recovering above $64,930 as of 7:49 a.m. UTC. The industry also suffered a major liquidation event on Jan. 31—its 10th-largest—when more than $2.56 billion in leveraged positions were wiped out, data from derivatives platform CoinGlass show.

Economist Thomas Perfumo said Warsh's nomination may signal that broader market liquidity is expected to "stabilize rather than meaningfully expand." Blockchain intelligence firm TRM Labs closed a $70 million Series C round that valued the company at $1 billion, giving it crypto-unicorn status.

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