Yesterday morning, I was still asking how many days $80,000 could hold. We got the answer in less than a day. $BTC
Yesterday morning, it was still hovering around $80,700. Then it started sliding overnight. At 11 p.m., it plunged from $78,288 to $75,568 in one hour. This morning, it dipped as low as $75,208. It’s now hovering around $76,000, down more than 5% in 24 hours.
The sell-off was driven by U.S. stocks. The Nasdaq fell 5.5% in a day, closing at 24,315—down more than 10% from its October 6 high and officially in correction territory. The chip index plunged 12% in a day, and Nvidia gave back all of its gains for the year.
The trigger was still the AI drama. With Democrats winning both chambers in the midterms, the market fears tighter scrutiny of data-center expansion. Qualcomm’s mobile chip sales came in below expectations, sending its shares down 9%. It looks like the AI bubble may be about to burst.
In crypto, more than $1 billion in positions were liquidated over 24 hours, 90% of them longs. Some 200,000 traders were wiped out. BTC alone saw more than $250 million in liquidations, and even the lows hit on election night have been breached.
More than 30,000 BTC options expire at 4 p.m. today, with max pain at $79,000. The nonfarm payrolls report comes out at 8:30 p.m. If $75,000 doesn’t hold tonight, BTC could head for $73,000.
Not investment advice. Be aware of the risks.
Yesterday morning, it was still hovering around $80,700. Then it started sliding overnight. At 11 p.m., it plunged from $78,288 to $75,568 in one hour. This morning, it dipped as low as $75,208. It’s now hovering around $76,000, down more than 5% in 24 hours.
The sell-off was driven by U.S. stocks. The Nasdaq fell 5.5% in a day, closing at 24,315—down more than 10% from its October 6 high and officially in correction territory. The chip index plunged 12% in a day, and Nvidia gave back all of its gains for the year.
The trigger was still the AI drama. With Democrats winning both chambers in the midterms, the market fears tighter scrutiny of data-center expansion. Qualcomm’s mobile chip sales came in below expectations, sending its shares down 9%. It looks like the AI bubble may be about to burst.
In crypto, more than $1 billion in positions were liquidated over 24 hours, 90% of them longs. Some 200,000 traders were wiped out. BTC alone saw more than $250 million in liquidations, and even the lows hit on election night have been breached.
More than 30,000 BTC options expire at 4 p.m. today, with max pain at $79,000. The nonfarm payrolls report comes out at 8:30 p.m. If $75,000 doesn’t hold tonight, BTC could head for $73,000.
Not investment advice. Be aware of the risks.
