Cryptocurrency Sell-Off Deepens as Bitcoin and Ethereum Slide Sharply Amid Broad Market Pressure

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Bitcoin extended its aggressive sell-off on Wednesday night, hitting its lowest level since October 2024 as pronounced risk-off sentiment rippled through global financial markets.

The world’s most prominent cryptocurrency fell 7.2% over the past 24 hours to a price of $70,894 as of 11:30 p.m. Eastern Time on Wednesday, marking its lowest valuation since October of last year. The second-largest digital asset, Ethereum, also slid significantly, declining 7.8% to reach $2,091 during the same turbulent session.

Market analysts pointed to a confluence of negative factors driving the downturn. “Bitcoin extended losses after a failed relief bounce lost key technical support,” noted Vincent Liu, Chief Investment Officer at Kronos Research. “A substantial wave of long position liquidations, tech-sector contagion from a sharp US equity sell-off, and continued outflows from spot exchange-traded funds combined to accelerate downside pressure across the cryptocurrency complex.”

The pressure extended beyond digital assets themselves, weighing heavily on crypto-related equities. Shares of the major US-based cryptocurrency exchange Coinbase closed down 6.14% for the regular trading session on Wednesday.

Meanwhile, the Ethereum-focused treasury firm Bitmine experienced a more severe drop, falling 9.17%. This occurred against a mixed backdrop for traditional indices; the technology-heavy Nasdaq Composite index dropped 1.51%, while the Dow Jones Industrial Average managed to post a gain of 0.53%.