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Bitcoin Price Suddenly Plunges to $76K as Hourly Liquidations Near $600M
Wall Street joined the leg down as well, with the S&P 500 erasing $2.2 trillion in market cap in 40 minutes.
Dextape brief
Bitcoin dropped to just under $77,000 on Wednesday, minutes after Wall Street trading began, reversing an earlier climb toward $81,000. Liquidations over the past hour exceeded $560 million, with $530 million from long positions, and more than 165,000 traders were hit within a day, according to CoinGlass. Ether fell about 7% over 24 hours to below $2,300, with XRP, HYPE, DOGE and SOL also lower. Equities also declined. The Kobeissi Letter reported that the S&P 500 had lost $2.2 trillion in roughly the last hour, a decline it described as double the size of the previous day's post-election rally. It also warned that the Nasdaq 100, down more than 4.4% since its open, was about 6% away from a bear market.
Why it matters: The sell-off shows how quickly leveraged crypto positions can be wiped out when broader stock markets fall at the same time.
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- Price multiplied by circulating supply, from the market-data provider.
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