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Crypto market drops as Nasdaq tech selloff spills into digital assets
Key takeaways
- The selloff follows Monday's downturn in technology stocks, with another day in the red foreshadowed by Nasdaq 100 futures, which have cratered by 2.5% since midnight.
- Tech stocks are struggling due to profit-taking and the risk of higher bond yields, according to Patrick Munnelly, market strategy partner at TickMill.
- Altcoins performed worse than bitcoin and ether, with tokens such as ethena (ENA) and hype (HYPE) losing 5%-6% and $717 million in liquidations across the market spurring exaggerated downswings.
The selloff follows Monday's downturn in technology stocks, with another day in the red foreshadowed by Nasdaq 100 futures, which have cratered by 2.5% since midnight.
Tech stocks are struggling due to profit-taking and the risk of higher bond yields, according to Patrick Munnelly, market strategy partner at TickMill.
Altcoins performed worse than bitcoin and ether, with tokens such as ethena (ENA) and hype (HYPE) losing 5%-6% and $717 million in liquidations across the market spurring exaggerated downswings.
Article preview — originally published by CoinDesk. Full story at the source.
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