Ether Tumbles 5.8%, Leading Large Crypto Losses, With Bitcoin Sliding Below $71K

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CoinDesk
2 days ago

Cryptocurrency prices and related stocks slipped across the board on Thursday as traders appeared to be paring longs following big runs higher.

Once again failing a test of its record high above $73,700 overnight, bitcoin (BTC) slipped below $71,000, down 2% over the past 24 hours.

Most of the altcoins in the broad-market CoinDesk 20 Index fared worse, with Ethereum's ether {{ETH} tumbling 6% and, aptos {{APT}} and render (RNDR) each sliding 5%. The CoinDesk 20 itself was down 2.8%. Bitcoin's market dominance, which measures the largest crypto's share of the total crypto market capitalization, rose to a fresh three-year high of 60.2%, TradingView data shows.

The price declines happened alongside a big slide in U.S. stocks, the Nasdaq and the S&P 500 were 2.3% and 1.5% lower, respectively, early in the session, with tech giants Meta {{META}} and Microsoft {{MSFT}} dragging the indexes down after disappointing earnings reports.

Digital asset-linked stocks also suffered losses. Crypto exchange Coinbase's (COIN) shares declined 7% after missing earnings targets, while Robinhood (HOOD) tumbled 13%. Bitcoin miners including MARA Digital (MARA), Riot Platforms (RIOT) and Cleanspark (CLSK) tumbled 5%-10%.

MicroStrategy (MSTR), which on Wednesday announced a $42 billion capital raise plan to buy more bitcoin, outperformed, dipping just 2.5%.

Geoffrey Kendrick, head of research of digital assets at Standard Chartered, noted in a morning report that there's a risk of position unwinding ahead of the U.S. election due next week. A dip, however, would be a temporary setback, he said, with prices poised to rise following the election regardless of the results.

The report said a Republican sweep would provide the most bullish scenario for digital assets, with the bank setting a year-end bitcoin price target of $125,000 and altcoins including solana (SOL) standing to benefit from a friendlier regulatory environment.

Edited by Stephen Alpher.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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