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Crypto News

Bitcoin falls below $83,000, dragging down Strategy, Coinbase, and Robinhood stocks

Bitcoin (BTC-USD) prices tumbled more than 3% to $83,000 sending crypto-related stocks lower as forced long liquidations added to a broader market sell-off.

The token hovered below $83,000 after a swift crypto sell-off triggered roughly $696 million in liquidations over 24 hours, with long-positioned traders bearing almost all of the losses, according to Coinglass data.

Eric Trump Says AI Boom Will Be Fastest Driver of Crypto Growth

Eric Trump said the huge investment in artificial intelligence, which has been one of the factors depressing cryptocurrency prices, will ultimately be the fastest driver of digital-asset growth.

“The thing that’s going to spawn the growth of digital assets by far the quickest is actually the AI trade,” Eric, a co-founder in the Trump family crypto venture, said at the Token2049 conference in Singapore on Wednesday. “The faster our kind of friends on the other side of the aisle in AI can sprint toward their goal, the better this industry is going to do.”

Bitmine Falls 6% as Tom Lee Says the Ethereum Buying Spree Is About to End

Tom Lee announced Bitmine (BMNR) will halt weekly Ethereum purchases after reaching 5% of circulating supply, sending shares down 6%.

Without weekly buying, Bitmine becomes a static token-holding vehicle with no growth catalyst beyond Ethereum's own price performance.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was $487.07 million. The total net asset value of Bitcoin spot ETFs is $107.4billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.41%. The Bitcoin spot ETF with the highest net outflow on Oct 7 was iShares Bitcoin Trust, with a net outflow of $207.67 million, according to SoSoValue.