IBM's Worst Day in 25 Years Sparks Crypto Market Rout

IBM's stock plummeted over 13% on Monday, its worst single-day performance since October 2000, sparking a selloff that weighed on both stock and crypto markets. As a result, Bitcoin's price dropped below $63,000, dragging the rest of the cryptocurrency market down to $2.25 trillion.

Ethereum and XRP were among the worst hit, falling more than 2% each in the last 24 hours. Over $275 million in forced unwinds came from long positions being wiped out, with a total of over $370 million in crypto liquidations triggered by the market drop.

The decline was attributed to concerns that Anthropic's Claude code can automate IBM's COBOL modernization, potentially replacing the workforce at IBM. This sparked fears among investors about the impact on the company's future prospects and weighed heavily on the stock market.