Key Takeaways 

• Bitcoin fell to $58K as $1.26B in leveraged positions were liquidated.

• Hotter-than-expected US inflation reduced Fed rate-cut hopes and hit risk assets.

• Options positioning and extreme fear put $55K in focus if $58K fails.

The selloff that wiped out nearly $1 billion in leveraged positions on June 25 has deepened. Bitcoin dropped to $58,000 on June 26 as total crypto liquidations hit $1.26 billion across more than 209,000 traders in the 24-hour window, according to CoinGlass data, including over $450 million in leveraged long positions wiped out in roughly one hour.

Bitcoin was trading above $61,800 earlier Thursday…