Bitcoin Plunges Below $70K as Crypto Sell-Off Deepens Ahead of US Stock Market Open
In a sharp turn,
What Happened to Bitcoin Today?
Bitcoin, the top cryptocurrency, fell fast from over $71,000. Data shows it dipped to $69,917.20. This marks a clear slide in price action. The move pushes BTC into red territory, sparking worry among holders.
The sell-off stays mostly in crypto and precious metals. Gold lost more than 1%, dropping under $4,900 per ounce. Silver saw a bigger hit, down over 11% to below $79 per ounce. These drops signal risk-off mood in safe-haven assets.
Yet, US stock futures hold steady. Pre-market trading shows small gains. The Invesco QQQ ETF, tied to Nasdaq 100, sits up 0.05%. This split highlights how crypto moves apart from broader stocks right now.
Extreme Fear Takes Over Crypto Sentiment
The Fear and Greed Index now reads 11. This is ‘extreme fear’ territory. It has hit this low only a few times before. The index mixes factors like volatility, volume, and social buzz to gauge mood.
Low scores like this often mean panic selling. But history shows they can signal buy chances too. Smart investors watch for a rebound when fear peaks.
- Fear and Greed at 11: Signals max panic.
- Bitcoin low: $69,917.
- Gold and silver also down hard.
Bitcoin-Linked Stocks Feel the Pain
Stocks tied to Bitcoin suffer big losses. MicroStrategy (MSTR), the biggest public BTC holder, drops over 5%. It trades nearly 80% below its November 2024 peak. Earnings report comes Thursday, adding pressure.
Other firms with Bitcoin treasuries slide too. Strive (ASST) and Nakamoto (NAKA) fall about 6% each. Crypto exchange Coinbase (COIN) loses another 2%. Bullish, which owns CoinDesk, dips 0.4%.
Bitcoin miners mix results. IREN (IREN) down 3%, Cipher Mining (CIFR) off 2%. After 15% drops Wednesday, they hurt. Bigger names like Riot (RIOT), MARA Holdings (MARA), and CleanSpark (CLSK) each lose 3%.
| Stock | Change |
|---|---|
| MicroStrategy (MSTR) | -5%+ |
| Coinbase (COIN) | -2% |
| Riot (RIOT) | -3% |
| MARA Holdings (MARA) | -3% |
Tech Sector Offers Glimmer of Hope
Not all news is bad. The iShares Expanded Tech Software ETF (IGV) edges higher. Bitcoin often follows this sector. If tech holds, crypto might find support.
Google (GOOG) beats profit estimates but falls 3%. It plans higher capex at $185 billion, up from $175 billion. Spending hits about $119.5 billion. This news weighs on shares despite strong results.
Why Is This Crypto Sell-Off Happening?
Several factors fuel the drop. First, profit-taking after recent highs. Bitcoin hit all-time highs late last year, drawing sellers. Second, broader market nerves before US open. Traders eye Fed signals and jobs data.
Third, leverage unwinds in crypto futures. High funding rates led to liquidations. Miners face hash rate pressure and hold costs as price falls. Metals drop shows flight from risk assets.
Despite this, US equities stay tough. Nasdaq futures flat to up. This decoupling could limit downside if stocks rally.
What Does This Mean for Crypto Investors?
For holders, stay calm. Extreme fear levels like 11 have led to bounces before. Look at past cycles: 2022 lows around 10 sparked rallies.
Short-term, watch US open. If QQQ climbs, Bitcoin may follow. Earnings from MicroStrategy could swing sentiment. Long-term, Bitcoin adoption grows with ETFs and nations buying.
Tip: Dollar-cost average in dips. Avoid FOMO sells. Track Fear and Greed daily for shifts.
Outlook: Rebound or More Pain?
Pre-market signs point to mild relief. But volatility rules crypto. A close below $70K tests $65K support. Breakout above $72K eyes recovery.
Key watches:
- US equity open.
- MicroStrategy earnings.
- Fed comments.
- Gold/silver moves.
This
Markets move fast. Check live prices for updates.
