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BTC price news: Bitcoin dumps below $71,000

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Who caused the crypto market's biggest liquidations on October 10? Insiders blame each other

Bitcoin slid below the $71,000 mark in Asian hours Thursday as a renewed selloff in global technology stocks spilled into crypto markets, undercutting hopes of a sustained rebound after last week’s volatility.

The world’s largest cryptocurrency fell as much as 7.5% over the past 24 hours, touching lows near $70,700 before paring some losses, according to CoinDesk data.

The move followed sharp declines in Asian equities, where mounting concern over artificial intelligence spending, stretched valuations and slowing earnings momentum pushed investors further away from risk assets.

MSCI’s Asia tech index fell for a fifth time in six sessions, led by steep losses in South Korea’s Kospi, which dropped around 4% as heavyweight AI-linked stocks came under pressure.

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The weakness followed a slide in the Nasdaq during U.S. trading, where disappointing earnings from firms such as Alphabet, Qualcomm and Arm reinforced fears that AI investment may be peaking faster than expected.

Bitcoin has increasingly traded as a high-beta risk asset during equity-led drawdowns, particularly when liquidity is thin and macro uncertainty rises.

The latest drop comes after bitcoin briefly whipsawed earlier this week, falling toward $73,000 before rebounding above $76,000 — a sign of fragile conviction rather than a clean trend reversal.

Pressure was compounded by sharp moves in commodities. Silver plunged as much as 17% and gold fell over 3%, extending a brutal unwind that has already triggered heavy liquidations in tokenized metals products on crypto venues.

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Crypto World

Tokenized US Treasury Market Surges by $1B Since Beginning of Year

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US Government, United States, Bonds, RWA, RWA Tokenization

The tokenized US Treasury market has surged by over $1 billion since the beginning of 2026, despite macroeconomic uncertainty and concerns over the US government’s growing national debt.

Tokenized US Treasurys are government debt instruments that are a form of real-world assets (RWAs) represented onchain by a token.

The market capitalization of tokenized Treasurys climbed to more than $10.8 billion at the time of writing from $8.9 billion on Jan. 1, according to data from RWA.xyz.

US Government, United States, Bonds, RWA, RWA Tokenization
The tokenized US Treasury market has grown to over $10.8 billion. Source: RWA.xyz.

The tokenized US Treasury market has surged 50x since 2024, according to data from Token Terminal, aided by the March 2024 debut of asset manager BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which now has a market cap of more than $1.2 billion.

Tokenized US Treasurys continued to surge despite a broad crypto market downturn that began in October 2025, rising US government debt levels and investor uncertainty about the macroeconomic outlook in 2026.

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US Government, United States, Bonds, RWA, RWA Tokenization
The World Uncertainty Index, an investor sentiment tracker, spiked to all-time highs in 2025. Source: FRED, Federal Reserve Bank of St. Louis

Related: Tokenized RWAs climb 13.5% despite $1T crypto market drawdown

The Depository Trust and Clearing Corporation to launch US Treasury tokenization service

The Depository Trust and Clearing Corporation (DTCC), which provides clearing and settlement services for global financial markets, announced plans in December 2025 to launch an asset tokenization service, beginning with US Treasurys.

DTCC will eventually expand the service to include a “broad spectrum” of assets, according CEO Frank La Salla. 

“Following the tokenization of US Treasurys on the Canton network, DTCC anticipates that exchange-traded funds (ETFs) and equities will come shortly thereafter,” La Salla said.

The DTCC is the largest clearinghouse in the world and settled $3.7 quadrillion in transaction volume in 2024, according to the company. 

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