Bitcoin's sharp rally on Wednesday reversed into a steep decline, with the price falling below $77,000 and toward $76,000 just minutes after Wall Street's trading session began, according to CryptoPotato.
The move lower came during a volatile 24 to 36 hours across financial markets. After US midterm results delivered a decisive Democratic win, bitcoin had slumped to a seven-week low of $75,600 on Wednesday morning before erasing those losses and running to $81,000, a move that liquidated $380 million in short positions.
A quick rejection followed at $81,000, but bitcoin held above $80,000 until bears regained control about an hour before the report. The leading cryptocurrency then dropped several thousand dollars in minutes, falling below $77,000.
Altcoins follow bitcoin lower
The decline spread across major altcoins, which typically move in tandem with bitcoin:
- ETH: down 7% over 24 hours, falling below $2,300 after nearing $2,500 the previous day
- XRP: down more than 5% to $1.25
- HYPE: down 10%
- DOGE: down 6.5%
- SOL: down 6%
Leveraged traders hit hard
Data from CoinGlass showed liquidations in the past hour alone totaled more than $560 million, with $530 million coming from long positions. More than 165,000 traders were liquidated within the past day, and the single-largest liquidated order took place on Hyperliquid at a value of $6.62 million.
Wall Street also moved lower alongside crypto. The S&P 500 erased $2 trillion in market capitalization in 40 minutes, according to the report.
