Bitcoin Slides to $66K, Ether Dives 5% in Market-Wide Selloff
Cryptocurrencies declined on Wednesday, mirroring a downturn in traditional markets. The CoinDesk 20 index fell 2.6%, with Chainlink (LINK) dropping 7.6%. Bitcoin (BTC) decreased 2.3% to $66,000, and ether (ETH) fell 5.3% to below $2,490. Solana (SOL) remained stable at $169. The ETH/BTC ratio dropped below 0.038, marking a new low since April 2021, while the SOL/ETH pair reached an all-time high of 0.068. Concerns about Ethereum's roadmap contributed to negative sentiment. The upcoming U.S. election is expected to hinder market recovery. Major stock indices fell over 1%, and the bond market saw the 10-year Treasury yield rise to 4.25%. Gold prices slipped 1.1%, and oil fell 1.35%. Bitcoin mining stocks, including MARA Holdings and CleanSpark, experienced significant losses, with Coinbase down 6% and MicroStrategy down 2.5%. Tesla's earnings report is anticipated to influence market sentiment.
