Bitcoin sell-off continues: Asian markets fall in the face of weak China stocks

Published on 06/May/2022 12:44

Bitcoin continues losses as major markets in Asia end the week

Bitcoin (BTC) lost 1% throughout Asian trading, widening its daily loss to nearly 8.5% as markets across the region gave traders weak returns.

According to CoinDesk Bitcoin Price Index (XBX), Bitcoin ended the East Asian trading day at $36,211.
Japan's Nikkei 225 Index ended the day up 1.4%, while Korea's KOSPI was unchanged, Hong Kong's Hang Sang Index fell 1.4%, and Taiwan's TAIEX was down 0.47%.
"Bitcoin was surprisingly quiet today given the turmoil in other asset classes. However, the overnight decline in the market-leading cryptocurrency is yet another reminder that Bitcoin is highly correlated to movements in the U.S. equity markets. Where the Nasdaq goes, Bitcoin is sure to follow," said City Index's Australian market analyst Tony Sycamore in a note to CoinDesk.
According to an earlier CoinDesk report, crypto liquidations in futures exceeded $400 million, with bitcoin futures leading the way with $191 million in liquidations.
Large liquidations suggest that the price movements surprised traders and would indicate a bear market.