Bitcoin (BTC) Price Drops as Global Stock Market Turmoil Weakens Risk Sentiment

The price of Bitcoin (BTC) fell from more than US$65,500 (Rp1,048,000,000) to nearly US$64,000 (Rp1,024,000,000) in just a few minutes

Bitcoin price fell sharply at the opening of Asian trade on Thursday morning, as turmoil in global stock markets led to a weakening of sentiment towards risky assets such as cryptocurrencies.

The price of Bitcoin (BTC) fell from above $65,500 to nearly $64,000 in just a few minutes at the start of trading in Tokyo. This sharp decline led to the liquidation of more than $250 million in bullish bets, the highest since early July.

According to data from Coinglass, Binance recorded the highest liquidation among exchanges at $118 million, of which ۸۸% were trades with long positions. OKX and Huobi, which are popular among Asian traders, saw ۹۴% of their traders' long positions liquidated.

This decline came as US technology stocks plunged on Wednesday, leading to a drop of 660 points in the Nasdaq 100 index, which includes technology stocks, marking the biggest decline since 2022.

Alphabet (GOOG) and Tesla (TSLA) reported mixed quarterly revenue, causing shares of both companies to close down ۱۲% on Wednesday. Overall, the "Magnificent 7" tech stocks lost a combined $750 billion in market capitalization on Wednesday, the largest single-day loss ever recorded for the group.

Losses extended into the Asian market on Thursday morning, with Japan's Nikkei 225 index falling more than 3% amid speculation that the Bank of Japan may raise interest rates.

Meanwhile, a highly anticipated development in the crypto market, the launch of Ethereum Spot ETF, has also seen a setback. According to a report by Cryptoslate, the product experienced an outflow of over $50 million in the first two days of trading. This highlights the broader uncertainty present in the crypto market today.

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