Bitcoin fell to $66,000 on Wednesday, shedding over 3.5% in 24 hours as short-term volatility on Binance spiked to levels not seen since 2022, according to a new report from CryptoQuant.
Bitcoin’s downward move came after stronger-than-expected US employment data dampened hopes for aggressive Federal Reserve rate cuts, putting pressure on speculative assets across the board.
CryptoQuant’s analysis shows that the seven-day annualized volatility on Binance rose to 1.51, the highest reading in nearly three years. The firm noted that similar volatility levels were last seen during major market restructurings and periods of broad deleveraging in crypto markets.
However, longer-duration metrics suggest the turbulence may be short-lived. The 30-day annualized volatility sits at 0.81, while the 90-day reading is even lower at 0.56. This declining pattern across timeframes indicates that recent price moves remain concentrated in isolated bursts rather than signaling a structural shift in market conditions.
Ether declined to $1,925, Solana slid to around $80, and XRP dropped to $1.35. The total crypto market capitalization fell 3.8% over the past day, according to CoinGecko data. US equity indexes, including the Nasdaq, remained largely flat.
