Add as a preferred source on GoogleBitcoin Fell More Than 5% Thursday as Crypto Liquidations Top $1 Billion
BTC fell more than 5% Thursday as the Nasdaq Composite dropped about 5% and moved more than 10% below its record close from last month.
Bitcoin (BTC) hovered near $76,000 Thursday afternoon as a sharp U.S. stock selloff pushed the Nasdaq Composite into correction territory and crypto liquidations exceeded $1 billion.
BTC lost more than 5% during the session, briefly falling to about $75,400 before stabilizing around $75,900 late in U.S. cash trading. The Nasdaq fell about 5%, leaving it more than 10% below the record close it set last month.
About $1.08 billion in leveraged crypto positions were liquidated over 24 hours, including roughly $954 million in long positions, or bets on rising prices. Nearly $900 million of the total was cleared in a four-hour period after the U.S. market opened, adding to margin calls.
Strategy, Coinbase and Circle each fell more than 10%, while some bitcoin miners dropped as much as 20%. Chip and AI-related stocks led the stock-market decline, and Bitcoin had moved alongside that group through much of the year.
The October U.S. consumer price index report is scheduled for Nov. 10.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.