Bitcoin/Ethereum continues to get hammered as traders liquidate. Prices move down over -50% from highs.

Bitcoin/Ethereum continues to get hammered as traders liquidate. Prices move down over -50% from highs.

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.

Each are down over 50% from the highs

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.

Ethereum

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

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