Bitcoin Price Drops to $55.5K Amid $1 Trillion Stock Market Sell-Off and Weak U.S. Data
Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial...
Bitcoin experienced a sharp decline on Wednesday, dropping from over $65K to $55.5K amid a massive $1 trillion stock market sell-off.
The cryptocurrency’s fall followed a 3.5% plunge in the Nasdaq 100, with major tech stocks like Apple and Nvidia losing over $550 billion in value.
This market volatility, coupled with weak U.S. economic data, continues to pressure Bitcoin prices.day.
Bitcoin dropped sharply on Wednesday, falling from over $65K to as low as $55.5K during Asian trading hours, before slightly recovering.
The drop followed a $1 trillion wipeout in global stock markets, driven by a 3.5% plunge in the Nasdaq 100. Major stocks like Apple, Nvidia, and Amazon lost over $550 billion in market value, adding to market pressure.
The US Stock market lost over a trillion dollars today!!!
That sounds very dramatic until you realize it is only 2%, actually ending the day down only 1.7%. pic.twitter.com/4mgPYh6wMh
The global market sell-off, combined with concerns about slowing U.S. economic growth, weighed heavily on Bitcoin, further driving its decline.
On September 2, a wallet linked to Terraform Labs and co-founder Do Kwon transferred $62 million in Bitcoin (over 1,075 BTC). This movement raises concerns due to Kwon’s ongoing legal battles.
Arrested in Montenegro in 2023, Kwon faces extradition requests from the U.S. and South Korea, following accusations of fraud after Terra’s collapse in 2022.
[ARKHAM] Terraform Labs Transfers $62.81M in #Bitcoin to New Address, Leaving Only $2M in Altcoins Remaining pic.twitter.com/Cbiuc8akCo
As
Read more on cryptonews.com
