Crypto Markets Today: Bitcoin drops 4%, ether sinks below $3,000 as macro concerns deepen
Bitcoin and ether extended their pullback amid thin liquidity and deepening macroeconomic concerns, with BTC down 4% and ETH below $3,000.Summary
The crypto market continued its sell-off, with Bitcoin (BTC) trading 4% lower at $86,100 and Ether (ETH) falling back below $3,000 after a 6.7% 24-hour slump, dragging the CoinDesk 20 Index down 4.3%. This decline mirrored weakness in traditional markets, such as the Nasdaq Composite, driven by concerns over an AI bubble and anticipation of U.S. labor market statistics, including nonfarm payrolls. The crypto market's underperformance is partly attributed to thin liquidity, which exaggerates price movements. Derivatives data shows significant liquidation of bullish leverage, with BTC futures open interest rising alongside the spot price drop, suggesting an influx of bearish short positions. While altcoins suffered, with ASTER, ONDO, and STRK losing over 10%, some tokens are entering oversold territory according to the RSI, hinting at a potential minor bounce before key economic data release.
(Source：CoinDesk)