Bitcoin falls below $71,000
Bitcoin plummeted nearly 8% on Thursday, reaching lows close to $70,000, as dwindling liquidity and a broad sell-off in global tech stocks exerted new pressure on risk assets.
Reports showed that liquidity was notably scarce, amplifying price movements and contributing to a cascade of forced liquidations after bitcoin fell below widely monitored thresholds.
The drop followed a strong sell-off in global tech stocks overnight, where concerns about the pace of artificial intelligence adoption and increased capital spending by major companies weighed heavily on valuations.
The movement was exacerbated by a strong liquidation of leveraged positions, particularly in the derivatives markets, after bitcoin's drop below the $75,000 level triggered stop-loss orders.
