Bitcoin took a nosedive, dropping below $56,000 after the stock market went into a tailspin, according to Decrypt.

 

The price of Bitcoin dropped to as low as $55,746 late on Tuesday, according to CoinGecko data, following a sudden dip within an hour of the stock markets in Asia opening. This drop came after a rough day on the U.S. stock market, where tech giant Nvidia contributed to a 600-point dip in the Dow Jones Industrial Average. In Asia, the Nikkei stock index began the day down 1,000 points from its previous close.

Bitcoin has slightly rebounded and is currently trading at $56,463, which is down nearly 3% for the day. Pav Hundal, lead market analyst at the crypto exchange Swyftx, shared that there have been $767 million of outflows over the last five trading periods. He also mentioned that if U.S. payroll data disappoints, things may worsen before getting better. The non-farm payrolls report is due on Friday.

Ethereum also fell, dropping over 4% on Tuesday to as low as $2,318 alongside Bitcoin’s dip. It’s currently trading at $2,339, erasing limited gains it had made since Aug. 7.

The sudden fall in crypto echoed a similar drop at the same time last Tuesday, triggering a one-hour surge of $95 million in liquidations, with the majority—$91 million—in long positions. This added to over $169 million in long positions closed over the prior 24 hours, according to CoinGlass.

Multiple cryptocurrencies saw declines on Tuesday: Solana (SOL) is down 6.4% for the day, trading at $125, XRP is down 3.1% to $0.55, and Dogecoin (DOGE) is down 5% to $0.094.

Furthermore, Telegram-linked Toncoin (TON) was hit harder by the overall market fall. TON fell out of the top-10 cryptocurrencies by market cap and its price fell below $5, weighed down by the recent arrest of Telegram founder Pavel Durov in France and network outages. TON is down more than 8% for the day, trading at $4.78.