Most of the major cryptos were down in the past 24 hours following a plunge in US technology stocks as key companies reported lower-than-expected earnings. Bitcoin has previously followed the movement in technology stocks.
The equities drop came even after an unexpectedly strong GDP report in the U.S., with economic growth expanding 2.6% in the third quarter versus expectations for 2.4% growth, as reported. Tech-focused Nasdaq 100 finished 1.63% lower on Thursday, while S&P 500 fell 0.61%.
Dogecoin (DOGE) rebounded after losing some 7.7% in 24 hours following a two-day rise as Elon Musk neared his takeover of Twitter. Cardano (ADA) led declines amongst large cap cryptos, falling almost 6%. Bitcoin (BTC) lost about 2% while ether (ETH) and Solana (SOL) fell 3%.
The total crypto market cap fell about 2.02% to $980.02 billion and its trading volume was down by 14.91% to $88.11 billion. Meanwhile, crypto-tracked futures racked up just $97 million in liquidations, a lower-than-usual figure that suggested the declines were mostly spot driven.