Bitcoin Price Crash: U.S. Tech Rout Leads to $250M Long Bets Liquidated
Bitcoin nosedived to $64K as U.S. tech stocks plunged, causing over $250 million in bullish bets to be liquidated. The sudden drop from $65,500 to $64,100 within minutes occurred during Asian trading hours, marking the most significant liquidation since early July. The broader stock market downturn and weakening sentiment for risk assets hit cryptocurrencies hard. Over $250 million in long positions were wiped out, with Binance recording the highest liquidations at $118 million. Ether (ETH) also saw a significant hit, with $100 million in long positions liquidated following a 7.5% slump. The decline in Bitcoin and other cryptocurrencies comes as U.S. technology stocks, including Alphabet (GOOG) and Tesla (TSLA), faced mixed quarterly earnings, leading to a massive sell-off. The Nasdaq 100 index dropped 660 points, its biggest fall since 2022. The sell-off continued in Asian markets, with Japan’s Nikkei 225 slumping over 3% amid concerns of potential interest rate hikes by the Bank of Japan. This major market movement underscores the volatility in both the cryptocurrency and tech stock sectors, highlighting the interconnectedness of global financial markets.
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Resources to gig the economy:
CoinMarketCap-https://coinmarketcap.com/
CoinGecko t-https://www.coingecko.com/en/coins/threshold-network-token
Coindesk-https://www.coindesk.com/
COINBASE-https://www.coinbase.com/
COINTRACKING-https://cointracking.info/
BLOCKFOLIO-https://www.coindesk.com/tag/blockfolio/
BRAVE-https://brave.com/
ROBINHOOD-https://robinhood.com/us/en/
KRAKEN-https://www.kraken.com/
BINANCE-https://www.binance.com/en
GEMINI-https://gemini.google.com/app
CRYPTO.COM-https://crypto.com/