Crypto market drops as Nasdaq tech selloff spills into digital assets
CoinDesk 2026-06-23 10:45:50
Context: The cryptocurrency market experienced a significant downturn on Tuesday, with Bitcoin and Ether prices dropping, as a selloff in technology stocks spilled over into digital assets. This decline follows a downturn in technology stocks on Monday, with Nasdaq 100 futures plummeting by 2.5% since midnight UTC. The market's decline was further exacerbated by a substantial increase in liquidations, totaling $717 million.
Key Facts
- The cryptocurrency market saw a significant decline on Tuesday, with Bitcoin losing 2.5% to $62,300 and Ether falling more than 4% to $1,650.
- The selloff in the cryptocurrency market was triggered by a downturn in technology stocks on Monday, with Nasdaq 100 futures dropping by 2.5% since midnight UTC.
- According to Patrick Munnelly, a market strategy partner at TickMill, tech stocks are struggling due to profit-taking and the risk of higher bond yields.
- The cryptocurrency market saw $717 million in liquidations, which amplified losses across altcoins, with tokens such as ethena (ENA) and hype (HYPE) losing 5%-6%.
- The Dollar Index (DXY) rose to its highest level in more than a year, hitting 101.15, the most since May 2025, which may have contributed to the decline in the cryptocurrency market.