Bitcoin slides to $62,300 as $717 million in altcoin liquidations reveal just how tightly crypto is tethered to traditional markets
All three major US equity indices opened in the red as a tech-led selloff that started earlier in the week showed no signs of slowing down. The Dow, NASDAQ, and S&P 500 each dropped at the open, with NASDAQ 100 futures signaling declines between 1.3% and 2.5%.
The damage didn’t stay contained to Wall Street. Crypto markets absorbed the shockwave almost immediately, with Bitcoin falling roughly 2.5% to around $62,300 and Ether dropping more than 4% to approximately $1,650. Altcoin liquidations hit a staggering $717 million.
The tech wreck’s ripple effect #
The selloff traces back to profit-taking in AI-related stocks and semiconductor names like Nvidia and Micron. Both had enjoyed strong rallies in recent months, and the market apparently decided it was time to cash some checks.
AI-themed tokens got hit particularly hard. FET, RENDER, and TAO all posted losses between 3% and 5%. When investors sour on AI stocks, the enthusiasm for AI-adjacent crypto projects tends to evaporate just as quickly.
Solana dropped about 3.4%, while Dogecoin lost approximately 6.6% over the week.
One small bright spot: privacy coins showed surprising resilience. Both DASH and XMR kept their losses under 1%.
The macro picture isn’t helping #
The dollar index, or DXY, climbed to multi-month highs during this stretch, adding another layer of pressure. A stronger dollar historically acts as a headwind for risk assets, and crypto is no exception.
Bitcoin hovering near $62,000 puts it dangerously close to a key psychological support level.
What this means for crypto investors #
The $717 million in altcoin liquidations represents real money being forcibly removed from leveraged positions, and it tells you something important about market structure. Too many traders were positioned for continued upside, and the tech selloff caught them flat-footed.
The privacy coin outperformance is worth noting as a potential defensive play during risk-off episodes. DASH and XMR losing less than 1% while everything else bled 3% to 6% suggests there’s a rotation happening beneath the surface, even if the overall direction is down.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our