Crypto Market Liquidations Top $1 Billion

The cryptocurrency market saw liquidations exceed $1 billion over the last 24 hours. Bitcoin retreated to the $75,500 range after touching $74,780, its lowest intraday level since late August.

Most losses hit long positions, which accounted for $930 million of the total liquidated volume. Bitcoin represented $267 million of that amount, while Ethereum saw $167 million in positions automatically closed by exchanges.

The downward trend followed a sharp decline in technology and artificial intelligence stocks. The Nasdaq index posted its worst session in 19 months, with the semiconductor sector falling more than 12% in a single trading day.

Investors are showing caution regarding the political and economic landscape in the United States. The Fear and Greed Index fell to 28 points, reflecting growing concern among market participants following the midterm election results.

Selling pressure also gained momentum due to robust U.S. employment data. This scenario raised expectations for another interest rate hike by the Federal Reserve in December, which impacts higher-risk assets.