Bitcoin

<p>Bitcoin (BTC) experienced a sharp decline of over 3% at the beginning of Asian trading hours, falling from over $65,500 to nearly $64,000 within minutes. This sudden plunge resulted in the liquidation of over $250 million in bullish bets, marking the most substantial liquidation event since early July. The drop occurred as Asian markets reacted to a broader stock market downturn and a weakening sentiment for risk assets, including cryptocurrencies.</p><h3 id="market-reactions-and-liquidations">Market Reactions and Liquidations</h3><p>The significant drop in Bitcoin prices led to extensive liquidations across various exchanges. Binance saw the highest liquidations, with $118 million wiped out, of which 88% were long trades. OKX and Huobi, popular among Asia-based traders, recorded up to 94% of long positions being liquidated. Ether (ETH) also suffered, with long positions worth $100 million being liquidated following a 7.5% decline due to outflows from the newly launched ETH ETF.</p><p>Liquidations occur when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. This data serves as a signal of leverage being effectively washed out from popular futures products, indicating a short-term decline in price volatility.</p><h3 id="conclusion">Conclusion</h3><p>The sharp drop in Bitcoin and other cryptocurrencies underscores the interconnectedness of global markets. The tech stock slump in the U.S. led to significant sell-offs and liquidations in the crypto market, affecting traders worldwide. This event highlights the importance of monitoring broader market trends and their potential impact on cryptocurrencies.</p>

Bitcoin Plunges Amid U.S. Tech Rout

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