Bitcoin's Price Drops Below $63K After IBM's Worst Day In 25 Years Triggers $370 Million Liquidation Wave

(MENAFN- AsiaNet News)

• Bitcoin's price fell below $63,000 on Monday night, dragging the rest of the cryptocurrency market down to $2.25 trillion.
• Ethereum and XRP were among the worst hit, dropping more than 2% each in the last 24 hours. 
• More than $275 million in forced unwinds came from long positions being wiped out.

Bitcoin (BTC) fell below $63,000 on Monday night after IBM's (IBM) stock suffered its worst single-day decline in 25 years, a selloff that weighed on markets and triggered $370 million in crypto liquidations.

IBM's stock plummeted 13.15% on Monday, its worst single-day performance since October 2000, according to Koyfin data. The drop followed Anthropic's announcement that its Claude code can automate IBM's COBOL modernization. 

BTC Price Dives, Crypto Liquidations Rise

The equity shock rippled into the cryptocurrency market. Bitcoin's price was down 2.3% over the last 24 hours to around $62,900, with retail sentiment on Stocktwits edging lower into 'bearish' territory over the past day.

BTC retail sentiment and message volume on February 23 as of11:00 p.m. ET | Source: Stocktwits

According to CoinGlass data, the drop wiped out over $369.83 million in leveraged bets over the past 24 hours, with one-third of that coming from long positions, amounting to over $275 million.

Why Did IBM's Stock Take A Hit?

IBM was among the top trending tickers on Stocktwits at the time of writing, with retail sentiment around the shares flipping to 'extremely bullish' from 'bearish' territory over the past day. Chatter jumped to 'extremely high' from 'low' levels.

IBM retail sentiment and message volume on February 23 as of11:00 p.m. ET | Source: Stocktwits

The stock took a dive over concerns that Anthropic's Claude will now be able to replace the workforce at IBM.“The developers who built these systems retired years ago, and the institutional knowledge they carried left with them,” Anthropic said in its announcement.“We aren't exactly minting replacements – COBOL is taught at only a handful of universities, and finding engineers who can read it gets harder every quarter.”

"Modernizing a COBOL system once required armies of consultants spending years mapping workflows," Anthropic continued. "Tools like Claude Code can automate the exploration and analysis phases that consume most of the effort in COBOL modernization."

Crypto Market Drops To $2.25 Trillion

The overall cryptocurrency market fell 2.1% in the last 24 hours to $2.25 trillion. Ethereum (ETH), Solana (SOL), Ripple's XRP (XRP), and other crypto majors followed Bitcoin's decline. Ethereum's price fell 2.3% in the last 24 hours to $1,818 after analysts had warned that it was due for a deeper correction if the price remained below $2,000. Solana's price tumbled 1.5% in the last 24 hours to around $76.38, while XRP's price was down just 1% to $1.32.

Ethereum saw retail sentiment trending in 'extremely bearish' territory over the past day, while retail sentiment around Solana and XRP trended in the 'bearish' zone.

Read also: Odds Of Bitcoin's Price Hitting $50,000 This Year Rise On Prediction Markets After Trump Tariffs Spark $465M Liquidations

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