Bitcoin price plunges to $35,300; Ether, Solana, Memecoins too suffer in cryptocurrency crash
The risk-off attitude and selling pressure across the global cryptocurrency market showed no sign of abating on Saturday, with Bitcoin price sliding 4% and Ether down some 7% in late-afternoon U.S. trading after an already brutal week. Bitcoin price, which is the largest cryptocurrency by market value, traded at about $35,300. It had earlier touched $34,042.77, representing a loss of more than 50% from its all-time high last November. And it’s not alone: As crypto traders reacted this week hawkish signals from the Fed as well as fresh regulatory hints by the White House and the threat of an outright ban in Russia, the declines in Ether -- the second-largest token -- and in newer coins have outpaced Bitcoin’s fall.
Over the past seven trading days, Bitcoin has shed around 20% of its value compared with nearly 30% for Ether. Solana’s SOL and DeFi-play Avalanche’s AVAX token have fallen nearly 38% each. And the wipeout in memecoins has been profound: Dogecoin is down 30% on the week while Shiba Inu is off 38%, according to CoinMarketCap.
Crypto “is a risk asset up and down,” Starkiller Capital’s Leigh Drogen said in a Bloomberg TV interview with Caroline Hyde. “It’s even more of a risk asset now that most of the crypto market cap is Ethereum, Solana and all sorts of other stuff that is just basically technology where we’re pulling forward massive assumptions of global growth into the present.”
A key technical to watch is the ratio of Ether to Bitcoin, according to Amy Wu Silverman of RBC Capital Markets. After trading above 0.07 for several months, Ether has dropped to the lowest level relative to Bitcoin since October. It was recently at 0.069.
“Now, it’s officially a risk-off correction across the board,” Wu Silverman wrote
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