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Why crypto is melting down and stocks keep falling
Bitcoin and stocks are in a bout of volatility â and investors say more turbulence could be in store.
US stocks closed lower Tuesday, extending a recent tumble. The Dow fell 499 points, or 1.07%. The S&P 500 fell 0.83%. The tech-heavy Nasdaq Composite slid 1.21%.
The S&P 500 closed lower for the fourth day in a row, marking its longest daily losing streak since August.
Just six weeks after notching a record high above $126,000, bitcoin has plummeted more than 26%. The cryptocurrency on Tuesday afternoon traded just below $93,000, erasing all of its gains for this year.
Bitcoin late Monday had dipped below $90,000 for the first time in seven months before paring some losses early Tuesday.
Nearly $115 Million Longs Liquidated As Bitcoin Drops to 7-Month Low, $70,000 Incoming?
In the past 60 minutes, over $112 million longs have been liquidated as traders de-risk in anticipation of the FOMC minutes.
Bitcoin slipped below the $90,000 psychological levels, blowing millions in long positions out of the water.
Data on Coinglass shows that over $112 million in long positions have been liquidated over the past hour. These positions were flushed out as the Bitcoin price dipped below the $90,000 psychological level, testing a seven-month low.
Meanwhile, the drop was not limited to the Bitcoin, as crypto stocks also registered losses, following the pioneer crypto's fall to a 7-month low.
It comes ahead of the October FOMC minutes, which is barely an hour out, suggesting investors are de-risking.
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