Crypto Liquidations Top $1 Billion as Bitcoin Tests 11-Week Low — SkimNews
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- Bitcoin dropped to $74,780.91, its weakest intraday level since August 21, before recovering slightly to trade near $75,570 on Friday.
- Crypto markets saw $1.05 billion in liquidations over 24 hours, with $930 million coming from long positions, according to CoinGlass data.
- AI stocks triggered a broader tech selloff, sending the Nasdaq Composite down 5.52% and the Philadelphia semiconductor index plunging over 12%, erasing roughly $3 trillion in market value.
- Bitcoin's chart indicators show bearish pressure, with price below both the 50-day and 200-day EMAs, a declining RSI at 37.7, and the ADX signaling weak directional momentum despite negative bias.
- The Fear and Greed Index fell to 28, reflecting growing trader fear, down from neutral a week earlier amid post-midterm election uncertainty and regulatory concerns around AI.
Why it matters: Leveraged crypto traders lost over $1 billion in a single day as falling AI stocks and tighter Fed expectations intensified selling pressure, exposing the sector’s sensitivity to macro shifts. With Bitcoin now below key moving averages, a close under $74,780 could trigger further downside toward $70,000.
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