Election rally wiped out in a day! BTC falls below $76,000, with over $1 billion in long positions liquidated across the market
U.S. tech stocks and AI shares tumbled across the board last night, dragging the crypto market down with them. $BTC briefly fell 6% to around $75,700, hitting an intraday low of $75,568; $ETH dropped more than 7% to $2,247. Gains made on Wednesday, when prices climbed back to $80,000 on the results of the U.S. midterm elections, were completely erased in a single day.
Leverage took the biggest hit in this sell-off: according to CoinGlass data, around $880 million was liquidated in four hours, including $819 million in long positions. Total liquidations over 24 hours came close to $1.1 billion, affecting around 210,000 traders. Crypto-related stocks fared just as badly: Strategy and Coinbase each fell about 10%, while some mining companies dropped around 20%.
Why does this matter? It shows that crypto prices remain closely correlated with the Nasdaq. The optimism sparked by the election provided only a brief boost, while macroeconomic pressures—including inflation, interest rates, and geopolitics—haven't gone away. Market maker Wintermute's levels to watch are $73,000 and $68,000 on the downside; to turn optimistic, prices need to reclaim and hold above $80,000.
A leverage flush often creates a turning point. Do you think this is a healthy shakeout or the beginning of another leg down?
#BTC #加密市场 #Liquidations
U.S. tech stocks and AI shares tumbled across the board last night, dragging the crypto market down with them. $BTC briefly fell 6% to around $75,700, hitting an intraday low of $75,568; $ETH dropped more than 7% to $2,247. Gains made on Wednesday, when prices climbed back to $80,000 on the results of the U.S. midterm elections, were completely erased in a single day.
Leverage took the biggest hit in this sell-off: according to CoinGlass data, around $880 million was liquidated in four hours, including $819 million in long positions. Total liquidations over 24 hours came close to $1.1 billion, affecting around 210,000 traders. Crypto-related stocks fared just as badly: Strategy and Coinbase each fell about 10%, while some mining companies dropped around 20%.
Why does this matter? It shows that crypto prices remain closely correlated with the Nasdaq. The optimism sparked by the election provided only a brief boost, while macroeconomic pressures—including inflation, interest rates, and geopolitics—haven't gone away. Market maker Wintermute's levels to watch are $73,000 and $68,000 on the downside; to turn optimistic, prices need to reclaim and hold above $80,000.
A leverage flush often creates a turning point. Do you think this is a healthy shakeout or the beginning of another leg down?
#BTC #加密市场 #Liquidations
