Semiconductor Sector Meltdown Sinks Bitcoin Below $63K

Bitcoin's price dipped below $63,000 on Tuesday after a sell-off in US stocks, following a wave of losses from Asia's semiconductor sector. The BTC/USD price reaction was triggered by the impact of an Asia-wide stock comedown, with South Korea's KOSPI Index plummeting 10.8%.

South Korean chip-maker SK Hynix led the pack in losses, dropping 14.8%, while Japan's memory manufacturer Kioxia Holdings fell 18.3%. US tech-heavy Nasdaq Composite Index was down around 1% at the time of writing.

Crypto liquidations passed $500 million over 24 hours, with long positions being unwound en masse. CoinAnk warned earlier that a 'long liquidation cascade' could unfold below $64,700, with significant resistance emerging above $65,800 and $66,200.