U.S. Stocks and Crypto Suffer "Double Blow" Overnight; Bitcoin Drops Below $77,000

•2mo ago

U.S. Stocks and Crypto Suffer "Double Blow" Overnight; Bitcoin Drops Below $77,000

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Bitcoin traded below $77,000 early Sunday, extending a weekend pullback after a powerful rally toward $80,000, while claims of a simultaneous U.S. stock selloff remained unconfirmed at the time of review. Investing.com data showed bitcoin’s Aug. 23 session ranged from $75,679 to $77,709 and closed near $77,210. The move followed a weekly surge that lifted bitcoin more than 20% and briefly pushed it near $79,500. Market reports linked the rally to lower Treasury yields, a weaker dollar, regulatory optimism and heavy short covering. Derivatives data also showed renewed liquidation pressure as bitcoin fell: KuCoin, citing CoinGlass, reported $91.27 million in positions liquidated during one hour on Aug. 23, including $84 million in longs. However, the supplied claim that 103,732 traders lost $249.68 million was not independently verified. Ethereum’s exact $2,300 breach was also not established from the strongest accessible data. The episode underscores crypto’s sensitivity to leverage and macroeconomic conditions.

Published 2026-08-23 20:19:45 UTC · Published by JQJO

Prepared by Sidra · AI assisted

More context

Timeline

On June 30, Bitcoin traded below $60,000 amid risk aversion.
On August 19, Bitcoin surged above $69,000 as shorts liquidated.
On August 20, Treasury buybacks helped boost Bitcoin and crypto shares.
On August 21, Bitcoin approached $79,500 during a powerful rally.
On August 21, CoinGlass recorded billions in crypto short liquidations.
On August 22, Bitcoin retreated toward $77,000 amid weekend volatility.
On August 23, Bitcoin traded between $75,679 and $77,709 today.
On August 23, CoinGlass data showed heavy long-position liquidations overall.
On August 24, Bitcoin remained vulnerable to further leveraged selling.
Over coming days, macro data could determine whether Bitcoin stabilizes.
Over coming weeks, ETF flows may influence institutional crypto demand.
Over coming months, regulatory progress could reshape U.S. crypto participation.

Why it matters

Immediate US impact: U.S. investors faced heightened volatility across cryptocurrencies and related equities. Possible long-term US impact: Persistent crypto leverage could amplify future market swings and losses. Most affected groups: Retail investors, crypto companies, exchanges, and leveraged traders faced exposure. Reader priority: Readers should prioritize exchange data, official filings, and reputable reporting.

Coverage notes

Left: Left coverage emphasizes investor losses, leverage risks, and broader financial-market vulnerability. Center: Center coverage emphasizes Bitcoin’s pullback, liquidation data, macro drivers, and uncertainty. Right: Evidence insufficient to establish a distinct right-leaning framing here.

Primary report

On August 23, CoinGlass data triggered reports of liquidation pressure.

Sources

JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.

Editorial policy and corrections · Our team

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