Bitcoin (CRYPTO: BTC) on Monday morning briefly tumbled below the $98,000 mark experiencing a significant drop of over 7%, alongside a wider tech sector sell-off..
The apex cryptocurrency made a low of $97,791 on Monday morning, before rebounding above $100,000 at the time of writing.
Among other major cryptocurrencies, Solana (CRYPTO: SOL), BNB (CRYPTO: BNB) and Dogecoin (CRYPTO: DOGE) are trading down 11.5%, 4.4% and 11% respectively, according to data from CoinGecko.
What Happened: In a note sent to Benzinga, Geoffrey Kendrick of Standard Chartered said a 3% decline in Nasdaq futures has driven the digital assets liquidation overnight.
Kendrick emphasized that Bitcoin’s correlation with the Nasdaq is significantly stronger than its correlation with gold.
He noted that if the Nasdaq sell-off continues, particularly ahead of this week’s earnings releases, Bitcoin could approach a critical support level, specifically the average purchase level for Bitcoin ETFs since the presidential election, which now stands at $96,400.
According to data from CoinGlass, …Full story available on Benzinga.com
Bitcoin Flash-Crashes To $98,000 On China AI Fears, Trump Disappointment
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