The cryptocurrency market is currently experiencing a substantial downturn.
Ethereum, a prominent altcoin, has seen its value decrease significantly, falling to an intraday low of $1,601, and selling pressure appears to be intensifying.
Bitcoin, the leading cryptocurrency, has also fallen, breaching the $79,000 mark and reaching an intraday low of $78,882.
Bitcoin’s losses are less severe compared to Ethereum. The ratio of ETH to BTC value has reached its lowest point since March 2020.
Market Participants React to Downturn
Analyst Adam Cochran commented on X, jokingly expressing eagerness to “buy ETH at double digits again,” reflecting the scale of the price decline.
Other cryptocurrencies, including Dogecoin (DOGE) and Solana (SOL), are also approaching double-digit percentage losses.
Broader Market Downtrend Impacts Cryptocurrencies
This cryptocurrency market downturn follows a recent period where the U.S. stock market experienced a substantial loss in value, exceeding $6 trillion within two days earlier in the week.
While Bitcoin had previously shown relative resilience during this stock market decline, it now reflects its typical association with higher-risk assets under current market conditions.
Expert Predictions of Further Declines
Investor Jason Calacanis has suggested that Bitcoin could potentially fall as low as $60,000 later in the year.
Financial news reporter Charles Gasparino of Fox Business reports that major trading desks on Wall Street are preparing for potentially strong selling activity, drawing parallels between the current market sell-off and the market crash of 2008.
Also Read: Ethereum Price Drops Below $1,760 Amid Network Slowdown
