Bitcoin overnight sell-off takes it below $56,000 before stabilizing
Bitcoin slid back toward $55,000 overnight as it caught up with Tuesday’s broader market sell-off. On Wednesday, the price of the flagship cryptocurrency was lower by more than 2% at $56,481.90, according to Coin Metrics. It fell sharply Tuesday night — to as low as $55,673.80 — with the start of Asia-Pacific trading but has stabilized since then. Coinbase and MicroStrategy fell 3% and 2%, respectively. Tech stocks struggled in U.S. trading Tuesday – the sector is coming off worst day since September 2022 – while two readings of manufacturing production showed signs of weakness, rekindling fears about the health of the economy. Japan’s Nikkei 225 and the broad-based Topix finished Wednesday trading with their worst one-day loss since the Aug. 5 sell-off. Lately, bitcoin’s moves are sometimes more muted than stocks’ during U.S. hours on big market days. James Davies, co-founder at crypto trading platform Cry...