Crypto bleeds with the tech rout as Bitcoin taps a two-week low
bitcoin:native slid to $61,893, a near two-week low, as a global tech selloff dragged risk assets down together. ethereum:native fell harder, off as much as 5.6%, with solana:So11111111111111111111111111111111111111112 and ripple:native close behind. Total crypto cap dropped around 3% to $2.14 trillion.
This wasn't a crypto story. South Korea's Kospi hit circuit breakers as Samsung and SK Hynix cratered, a semiconductor rout that rippled into US tech and pulled the S&P down 1.4%. A Fed now hinting at hikes, not cuts, did the rest.
Leverage amplified it. Over 600 million dollars in positions were liquidated in 24 hours, with longs taking the brunt, traders caught leaning the wrong way on a bounce that never came.