Analysts cite alternative-asset selling as crypto, stocks fall together

Analysts said the slide in U.S. tech stocks spilled over into the crypto market as asset managers sold alternative assets and cut leverage. Simon-Peter Massabni, head of business development at XS.com, told CoinDesk asset managers were selling alternative assets to meet margin calls and reduce portfolio leverage. Analysts at FalconX and GSR also said concerns that a Democratic Party landslide in the U.S. midterm elections could slow the pace of AI data center construction added to selling pressure, while market doubts over the profitability of large-scale infrastructure spending have also grown.