Bitcoin prices fell to as low as $55,746 late Tuesday, according to data from CoinGecko, after Asian stock markets took a sudden hit within an hour of coming online.
The decline followed a dismal day on the US stock market, with tech giant Nvidia weighing on the Dow Jones Industrial Average down 600 points. Across the Pacific, the Nikkei stock index was down more than 1,000 points for the day.
Bitcoin has recovered slightly, trading at $56,463, down about 3% for the day at the time of writing.
Ethereum also fell, falling more than 4% to $2,318 on Tuesday alongside Bitcoin's dip. It is trading at $2,339, erasing some of its gains since August 7.
The sudden drop echoed a similar drop at the same time last Tuesday, a round of one-hour increases of $95 million in outflows, most of which — $91 million — were in long positions that bet on the asset. CoinGlass reports that more than $169 million has been added to long positions in the past 24 hours.
The red candles are dripping on the cryptocurrency charts. Solana (SOL) is down 6.4% on the day, at $125, XRP is down 3.1% to $0.55, and Dogecoin (DOGE) is down 5% to $0.094.
Meanwhile, crypto's overall decline pushed Telegram-linked Toncoin (Ton) lower on Tuesday. Ton has dropped out of the top-10 cryptocurrencies by market capitalization and prices have fallen below $5, following the recent arrest of Telegram founder Pavel Durov in France and the severity of network outages. A ton fell more than 8% on the day, trading at $4.78.
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