Bitcoin Sell-Off Continues as Asian Markets Fall Amid Weak China Cues

Bitcoin continues losses as major markets around Asia end the week.

AccessTimeIconMay 6, 2022 at 10:44 a.m. UTC
Updated May 6, 2022 at 4:00 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Bitcoin (BTC) was down 1% throughout the Asian trading session, pushing its one-day loss to almost 8.5% as markets throughout the region provided traders with weak returns.

CoinDesk - Unknown


  • Bitcoin ended the east Asian business day at $36,211, according to the CoinDesk Bitcoin Price Index (XBX).
  • Japan’s Nikkei 225 index ended the day up 1.4%, while Korea’s KOSPI was flat, Hong Kong’s Hang Sang index was down 1.4%, and Taiwan’s TAIEX was down 0.47%.
  • “Bitcoin has been surprisingly quiet today given the turbulence in other asset classes. However, the overnight fall in the markets leading cryptocurrency provides another reminder that Bitcoin is highly correlated to movements in U.S. stock markets. Where the Nasdaq goes, Bitcoin is sure to follow,” said Australia-based market analyst at City Index, Tony Sycamore, in a note to CoinDesk.
  • Crypto liquidations on futures exceeded $400 million, according to a prior report from CoinDesk, with bitcoin futures leading at $191 million in liquidations.
  • Vast liquidations suggest price movements caught traders by surprise and would be indicative of a bear market.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.