Bitcoin (BTC-USD) and ethereum (ETH-USD) declined firmly alongside equities in late Thursday morning trading as investors weigh a slew of mixed economic data ranging from stronger-than-expected headline retail sales to a drop in the Philly Fed business outlook.
As risk assets turn lower intraday amid rising Treasury yields across the curve, bitcoin (BTC-USD) gave up its $20K key level again, sliding 1.8% to $19.81K at 11:35 a.m. ET. And despite ether’s (ETH-USD) successful migration to a Proof-of-Stake consensus mechanism, the token fell 6.1% to $1.49K.
Furthermore, the global crypto market cap of $959.7B slid 3.6% over the past 24 hours, highlighting speculators’ narrowed risk appetite, according to data from CoinMarketCap.
The bearish price action comes as two of three major U.S. stock indices trade lower. The tech-heavy Nasdaq dipped the most, falling 1%, followed by the S&P 500, drifting down 0.6%, while the Dow Jones remained flat.
Not surprisingly, crypto-related stocks also experienced selling pressure, with CleanSpark (CLSK) -4.2%, HIVE Blockchain (HIVE) -3.7%, BIT Mining (BTCM) -2.5%, Core Scientific (CORZ) -2.7%, Marathon Digital (MARA) -2.1% and MicroStrategy (MSTR) -2.4%.
SA contributor Vincenzo Furcillo explained the economics of ether post-Merge.