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Bitcoin Sell-Off Continues as Asian Markets Fall Amid Weak China Cues
Bitcoin continues losses as major markets around Asia end the week.
By Sam Reynolds
Updated May 11, 2023, 5:23 p.m. Published May 6, 2022, 10:44 a.m.
Bitcoin (BTC) was down 1% throughout the Asian trading session, pushing its one-day loss to almost 8.5% as markets throughout the region provided traders with weak returns.
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- Bitcoin ended the east Asian business day at $36,211, according to the CoinDesk Bitcoin Price Index (XBX).
- Japan’s Nikkei 225 index ended the day up 1.4%, while Korea’s KOSPI was flat, Hong Kong’s Hang Sang index was down 1.4%, and Taiwan’s TAIEX was down 0.47%.
- “Bitcoin has been surprisingly quiet today given the turbulence in other asset classes. However, the overnight fall in the markets leading cryptocurrency provides another reminder that Bitcoin is highly correlated to movements in U.S. stock markets. Where the Nasdaq goes, Bitcoin is sure to follow,” said Australia-based market analyst at City Index, Tony Sycamore, in a note to CoinDesk.
- Crypto liquidations on futures exceeded $400 million, according to a prior report from CoinDesk, with bitcoin futures leading at $191 million in liquidations.
- Vast liquidations suggest price movements caught traders by surprise and would be indicative of a bear market.
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- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
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