New York$1.26 billion in leveraged crypto bets were liquidated, CoinGlass says.
Bitcoin dropped below $75,000, the first time since 15 September, Binance data show.
Spot bitcoin ETFs in the US lost $430.2 million Thursday as the Nasdaq fell 5.5%, SoSoValue data show.
Simon-Peter Massabni of broker XS.com said asset managers “liquidate alternative holdings to meet margin calls and deleverage portfolios.”
Bitcoin recovered to about $76,000 Friday, though it traded at a discount on Coinbase to Binance, a sign of weak US buying.
How each outlet framed it
drawn from 150+ reports worldwide · These outlets told this story differently.
- TASS
- dates the sub-$75,000 drop to the first time since September 15, using Binance data and framing it as a price-level milestone
- Bloomberg Business leans favorable
- CoinDesk
- links the selloff to fears that Democrats' midterm sweep could slow AI data-center construction, and quantifies $1.26B in forced liquidations
Sources: Bloomberg Business, CoinDesk, TASS