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Bitcoin (BTC)<\/a> experienced a sharp 3% decline at the onset of Asian trading, mirroring a broader downturn in stock markets and diminishing appetite for high-risk assets.<\/p>\n This follows Bitcoin surging past $68,000 <\/a>while being propelled by continued inflows into Bitcoin spot exchange traded funds (ETFs). SoSoValue reported at the time:<\/p>\n The market has witnessed record net inflows exceeding $17 billion, indicating increased institutional interest and confidence in Bitcoin as an asset class.<\/p>\n<\/blockquote>\n CoinMarketCap data<\/a> shows that the leading cryptocurrency\u2019s price plummeted from $65,500 to approximately $64,000 within moments of Tokyo\u2019s market opening. According to Coinglass data<\/a> this abrupt fall triggered the liquidation of over $267 million in long positions over the last 24 hours, marking the most significant wipeout since early July.<\/p>\n Liquidations, which occur when exchanges forcibly close overleveraged trades due to margin depletion, can signal a market cleanse of excessive leverage. This often precedes a period of reduced price volatility.<\/p>\n Ethereum (ETH)<\/a> traders suffered the heaviest losses, with $100 million in long positions liquidated as the token\u2019s value dropped 7.5%, partly due to outflows from the recently launched ETH ETF.<\/p>\n World\u2019s top cryptocurrency exchange<\/a> Binance<\/a> unsurprisingly led exchanges in liquidations at $118 million, predominantly affecting long positions. Asian-favored platforms OKX and Huobi saw up to 94% of their long trades liquidated.<\/p>\n This crypto market turbulence coincided with a significant slump in U.S. tech stocks. The Nasdaq 100 index plunged 660 points on Wednesday, its steepest decline since 2022.<\/p>\n Disappointing quarterly reports from tech giants Alphabet and Tesla contributed to the downturn, with their shares dropping as much as 12%. Collectively, the \u201cMagnificent 7\u201d tech stocks lost over $750 billion in market value, a record single-day decline for the group.<\/p>\n The bearish sentiment spread to Asian markets, with Japan\u2019s Nikkei 225 falling more than 3% early Thursday, amidst speculation about potential interest rate hikes by the Bank of Japan<\/a>.<\/p>\n<\/p><\/div>\n\n
Not just crypto<\/h2>\n