There’s no respite for bitcoin today after it sank to the lowest levels since July a day ago.
It’s continued lower, falling $2091 to $34596, which is the lowest since July 26.
On Friday, El Salvador President Nayid Bukele tweeted that the country bought 410 bitcoin but that didn’t help. The country is now well underwater on its purchases.
Ethereum is being hit even harder as it sinks $243, or 9.3% to 2363. It’s also the lowest since July.
There isn’t much in the way of support on either front.
In the past 7 days, bitcoin is down 20.0% and Ethereum down 29.3%. It’s even worse in smaller cryptos with solana down 25% in the past 24 hours and 38% in the past week.
For broader markets, this correlation between crypto and tech stocks is worrisome. I tend to think that tech is leading rather than following but today’s price action isn’t a good sign for sentiment.