This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context.
Bitcoin fell to just above $64,000 on Wednesday amid a broader stock market rout and worsening sentiment for risk assets, including cryptocurrencies, that led to over $250 million in bullish bets being liquidated – the biggest hit since early July.
The price plunge came as the tech-heavy Nasdaq 100 index posted its biggest drop since 2022 after Google (GOOGL) parent company Alphabet and Tesla (TSLA) reported mixed quarterly earnings.
The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), fell 5.6%.
Bitcoin was priced around $64,200 at the time of writing, a drop of almost 3.5% in the last 24 hours.
Ether fell over 8% in the last 24 hours.
The price drops follow a period of relative calm in crypto markets, which have largely moved in tandem with broader risk appetite this year.
The total market capitalization of the stablecoin sector rose to over $164 billion for the first time since the Terra collapse in May 2022, DefiLlama and Wintermute said.
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