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Crypto Markets Under Pressure
Description
Bitcoin tumbled to its lowest since September, briefly hitting $58K before rallying slightly to $59,700, while ether kept falling for a third straight day. The crypto market’s volatility hit hard, with over $1 billion in leveraged bets erased—mostly from bullish traders—as futures open interest surged, signaling more bets on further declines. Fear spiked in options markets, with traders paying premiums for downside protection. Amid the gloom, Aave surged over 6% and Solana edged up, but Ethena slumped sharply. Tech stocks also weakened, with Nasdaq and S&P 500 futures pointing to a down day, hinting the tech rally may be fading.
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