The cryptocurrency sell-off is getting worse as stock markets continue to inch higher each day.
bitcoin fell to a low of $65,708 in Asian morning trading on Wednesday, down 6.4% over 24 hours and 12.3% on the week, as a widespread crypto market sell-off accelerated overnight against the sharpest possible backdrop of global equity strength.
Ether (ETH) broke below $1,900 to $1,839, marking a 7.9% drop in 24 hours and bringing the second-largest cryptocurrency’s weekly decline to 11.1%. Solana’s SOL fell 9.0% to $73.25, BNB lost 7.8% to $636, fell 8.3% to $0.0921 and Tron’s TRX lost 3.4% to $0.3297, according to data from CoinDesk.
BTC was trading near $66,280 on Wednesday morning after hitting the 24-hour low of $65,708, with the range extending $5,200 from the high of $70,907.
Global stocks hit new all-time highs as AI trading intensified, with the Philadelphia Semiconductor Index rising nearly 6% to a record on Tuesday and Tokyo Electron and Taiwan Semiconductor Manufacturing hitting new peaks, Bloomberg reported.
The MSCI All Country World Index set a new all-time high thanks to the AI rally that has dominated stocks all year.
SpaceX was reported seeking $135 per share for a $75 billion initial public offering, while S&P 500 and Nasdaq 100 futures were little changed near record levels. South Korean markets were closed for holidays.
The cryptocurrency sell-off compounds a week of bearish news, starting with the first bitcoin sale publicized by Strategy (MSTR) on Monday, a record streak of spot bitcoin ETF outflows through Tuesday that has surpassed $3.2 billion, the transfer of $739 million from Mt. Gox to a new wallet on Tuesday, and the stalled ceasefire negotiations between the United States and Iran that have kept Brent crude oil rising for the third straight day in new fighting in the Middle East. East.
Hyperliquid’s HYPE remained the only green outlier in the top 10 by market value, with a weekly gain of 19.9% to $71.98 despite a 3.1% drop in the last 24 hours.
BTC’s $65,000 level is the immediate technical anchor. A break below puts the focus on $60,000, while a hold opens the door to a relief bounce as overleveraged positioning fades.
