The crypto sell-off worsens as stock markets continue to rise each day.
Bitcoin plunged to a low of $65,708 in Asian morning trade on Wednesday, down 6.4% in 24 hours and 12.3% on the week, as a broad sell-off in the crypto market accelerated overnight on 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 lifting the second-largest cryptocurrency’s weekly drop 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 fell 3.4% to $0.3297 per CoinDesk data.
BTC was trading near $66,280 on Wednesday morning after touching the $65,708 24-hour low, with the range extending $5,200 from the $70,907 high.
Global stocks hit new 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 both hitting new highs, Bloomberg reported.
The MSCI All Country World index set a new all-time high on the AI rally that has dominated stocks all year.
SpaceX was reported to be seeking $135 per stock for a $75 billion IPO, while S&P 500 and Nasdaq 100 futures were little changed near record levels. South Korean markets were closed for a holiday.
The crypto selloff reinforces a week of bearish news, starting with Strategy’s ( MSTR ) first published bitcoin sale on Monday, an ongoing record spot bitcoin ETF outflow through Tuesday that has crossed $3.2 billion, Mt. Gox’s transfer of $739 million to a new wallet on Tuesday, halting talks between the U.S. and Iran that have stopped rising for a third straight day on the third-day ceasefire. fresh Middle Eastern matches.
Hyperliquids HYPE remained the only green outlier in the top 10 by market capitalization, with a weekly gain of 19.9% at $71.98 despite falling 3.1% in the past 24 hours.
BTC’s $65,000 level is the immediate technical anchor. A break below brings $60,000 into focus as one team opens the door to a reliever spigot as handed positioning is flushed out.
