BTC price drops below $70,000 as crypto selloff deepens

Bitcoin's price dropped below $70,000 as a cryptocurrency selloff intensified prior to the opening of U.S. equity markets. Sentiment in the crypto and metals markets is described as “extreme fear,” with the Fear and Greed Index at 11. Gold and silver also experienced significant declines, falling over 1% and 11% respectively. However, U.S. equities demonstrated resilience, with the Invesco QQQ ETF slightly up in pre-market trading. Bitcoin-related stocks, such as MicroStrategy (MSTR), Strive (ASST), and Nakamoto (NAKA), experienced declines, as did crypto exchange Coinbase (COIN) and miners like IREN and Cipher Mining. Despite Google beating profit forecasts, its stock fell due to increased capital expenditure plans. The situation may see some relief if historical correlations between bitcoin and the tech software sector hold.

(Source：CoinDesk)