Ether Tumbles 5.8%, Leading Large Crypto Losses, With Bitcoin Sliding Below $71K
Cryptocurrency prices and related stocks declined as traders reduced long positions after recent gains. Bitcoin fell below $71,000, down 2%, with Ethereum dropping 6%, and other altcoins like Aptos and Render each sliding 5%. The CoinDesk 20 Index decreased by 2.8%. Bitcoin's market dominance rose to 60.2%. U.S. stocks also fell, with the Nasdaq and S&P 500 down 2.3% and 1.5%, respectively, influenced by disappointing earnings from Meta and Microsoft. Crypto-linked stocks such as Coinbase and Robinhood saw significant declines. MicroStrategy dipped 2.5% despite announcing a capital raise plan to buy more bitcoin. Standard Chartered's report suggests potential price recovery post-U.S. election, with a Republican win seen as most favorable for digital assets.
