Crypto markets received a major boost in US morning trading, with bitcoin in a matter of minutes, it went from around $87,000 to over $90,000 and then back to the $87,000 area.
The largest crypto was recently trading at $87,300, down 0.5% in the past 24 hours after being more than 3% higher just minutes earlier.
This rapid decline was accompanied by steep losses for AI-related stocks, with Nvidia, Broadcom and Oracle suffering declines of 3-6%. The tech-focused Nasdaq was down more than 1%.
Helping to dispel AI sentiment, Blue Owl Capital has reportedly backed out of funding a $10 billion deal for an Oracle data center in Michigan.
Sudden price swings triggered more than $190 million in liquidations across crypto derivatives markets over the past four hours, according to CoinGlass data. The volatile stock hit $72 million in long positions, looking to profit from rising prices, and $121 million in short positions, betting on a decline.
Decreased liquidity at the margin is causing this directionless action, making BTC vulnerable to the broader market.
