Bitcoin slides below $81,500 as tech stock sell-off spreads to Asian equities
Bitcoin (BTC) fell below $82,000 on Thursday night along with the broader crypto market, tracking losses on Wall Street amid weak tech earnings and escalating geopolitical tensions.The world's largest cryptocurrency fell 3.4% over the past 24 hours to trade at $81,387 as of 9:30 p.m. ET Thursday, pulling the broader crypto market down 3%, according to The Block's bitcoin price page. Ethereum (ETH) dropped 3.5% to $2,388. XRP slid 3.8%, and Zcash declined 7.7%.Crypto liquidations totaled $440.9 million over the past 24 hours, including $397 million in long positions, according to CoinGlass data.The crypto market decline followed a sharp sell-off in U.S. equities. The Nasdaq Composite closed down 2.6% on Thursday, posting its worst session since June, according to CNBC. The S&P 500 also saw its worst daily performance since July, down 1.21%.In the U.S., technology stocks fell amid persisting concerns over AI spending. Meta Platforms slipped 6.98%, Micron Technology dropped 6.26%, and Nvidia fell 4.4%. Advanced Micro Devices was down 8.1%.The sell-off extended to Asian equities on Friday. South Korea's Kospi lost 2.3% during morning trading, while Japan's Nikkei 225 dropped 1.6%.Traders take defensive stance"Crypto is under macro pressure as weak tech earnings, escalating geopolitical tensions and continued U.S.-Iran disputes weigh on risk appetite," Dominick John, analyst of Zeus Research, told The Block.John explained that concerns around tech valuations and AI spending, combined with broader uncertainty over global growth, are driving investors toward a more defensive stance.Rick Maeda, head of markets at Laevitas, said that crypto is "trading as a high-beta tech position" as the Nasdaq fell on Thursday. "The main driver was AI financing, in particular in regards to Meta," Maeda added."Traders are now watching whether $80,000 holds as support, the persistence of ETF flows, and any further equity or oil volatility that could extend the pullback," said Dan Khus, chief analyst of LVRG Research.Market participants are also watching Friday's S&P Global Flash U.S. Manufacturing PMI, Zeus analyst John added, which "could influence growth expectations and rate-cut sentiment."