Each are down over 50% from the highs
The price of bitcoin and Ethereum (all crypto for that matter) continue to get hammered. Bitcoin is currently down $-8800 or -20.5% at $34,293. Ethereum is trading down $-1200 or 36% at $2170.
Looking at the price of bitcoin, it fell below its 200 day moving average for the first time since April 2020. The price is down over 50% from its high reached earlier this month.
For Ethereum, it cracked below its 100 day moving average at $2235 on its way to to a low of $1966. It too has now fallen over 50% from its highs reached on May 12.
The Pavlovian reaction is for the US stocks to move lower as well.
The premarket futures values are implying
- NASDAQ is now down -224 points.
- The Dow industrial average down -373 points and
- The S&P index down -52 points
US yields have moved lower after being marginally higher by one – two basis points at the start of the New York session:
- five year 0.811%, -0.6 basis points
- 10 year 1.633%, -0.3 basis points
- 30 year 2.351%, -0.8 basis points