Bitcoin and Ethereum Suffer Major Dip Triggering $250M in Liquidations

By: Eliza Bennet

In a significant event for the cryptocurrency market, both Bitcoin and Ethereum experienced substantial price dips leading to large-scale liquidations. Bitcoin dropped sharply from over $65,500 to $64,100 in a matter of minutes during the early hours of Thursday, primarily impacting Asian markets. This sudden decline comes amidst a broader sell-off in the U.S. tech sector, which saw the Nasdaq Composite lose 3.65% on Wednesday.

The ripple effect of the U.S. tech stock rout reverberated throughout the crypto markets, causing a massive $250 million in long positions to be liquidated. Investors are now grappling with the dual shock of sliding prices and significant financial losses. Ethereum also faced similar downward pressure, reflecting the broader market downturn.

The steep losses highlight the interconnected nature of asset classes in today’s digital age, where traditional financial markets and cryptocurrencies often experience correlated movements. Analysts are closely watching to see if this trend will continue or if the crypto market will decouple and regain its bullish momentum.

For more information, visit the official Bitcoin and Ethereum websites.