Bitcoin slides as crypto-linked shares fall in market sell-off
Bitcoin dropped below $83,000 as forced liquidations and a wider market decline weighed on crypto-related stocks.
Key takeaways
- Bitcoin fell more than 3% and traded below $83,000 in Wednesday’s sell-off.
- About $696 million in crypto positions were liquidated over 24 hours, according to Coinglass data.
Bitcoin fell more than 3% to below $83,000 on Wednesday, while shares of crypto-related companies also declined. The move followed roughly $696 million in liquidations over 24 hours, according to Coinglass data, with long-positioned traders bearing almost all the losses.
At 15:38 UTC, Bitcoin traded at $83,220, down 3.43% over 24 hours. As of about 15:41 UTC, Strategy was down 5.57%, Coinbase had fallen 3.36% and Robinhood was down 3.64% from their previous closes.
Glassnode head of research Frederik Theissen said trading volume across spot exchanges and US ETFs remained unusually low compared with historical averages. He said the market was relying more on positioning than fresh demand.
The decline came as the 10-year Treasury yield climbed to its highest level in 24 years, oil prices rose and the broader market fell. SALT Lending’s Hunter Albright said rising yields prompt money to leave riskier assets, and “bitcoin feels it first.”
This article was produced with the help of AI technology. Source: Yahoo Finance
