Bitcoin Slumps to New Low Amid Selloff in Asian Semiconductors

Bitcoin (BTC) dropped to a 24-hour low of $62,785 on Tuesday before recovering to about $63,836 by Wednesday afternoon. This decline left Bitcoin down 4.3% from Monday's high and 3.7% over the week.

The selloff in the cryptocurrency market was mirrored by Asian semiconductor stocks, which slid for a second straight session. Samsung Electronics closed down 13.4%, SK Hynix fell 14.7%, while the PHLX Semiconductor Index fell 4.5%. The index is now 22.5% below its one-month high.

Market reports citing liquidation trackers put forced closures above $500 million over 24 hours, with individual tallies running as high as $682 million.