Global Tech Sell-Off Sends Crypto Market Reeling

The global tech sector continued to decline, sending shockwaves through the cryptocurrency market. Bitcoin fell to $63,799, its lowest point in nearly a decade, while Ethereum held steady at around $1,900.

South Korean chipmaker SK Hynix reported disappointing earnings, missing estimates and exacerbating concerns about the semiconductor sector's future. Shares of SanDisk and Micron plummeted more than 4% each as the Philadelphia Semiconductor Index hit a two-month low.

Nvidia's credit default swaps spiked 14 basis points to 0.82%, raising worries about 'circular financing' risks tied to AI infrastructure spending. Total crypto liquidations reached $608 million over the past 24 hours, with longs accounting for nearly 84% of the total.