Crypto Market Falls as Tech Selloff Hits Digital Assets
Crypto prices dropped Tuesday as weakness in Nasdaq-linked technology stocks spilled into digital assets. Bitcoin fell to about $62,300, ether slid more than 4%, and marketwide liquidations intensified losses across altcoins.
What happened?
Crypto prices dropped Tuesday as weakness in Nasdaq-linked technology stocks spilled into digital assets. Bitcoin fell to about $62,300, ether slid more than 4%, and marketwide liquidations intensified losses across altcoins.
Why it matters
The crypto market moved lower on Tuesday as a selloff in technology stocks carried into digital assets. Bitcoin traded around $62,300 after losing 2.5% since midnight UTC, while ether dropped more than 4% to $1,650.
The crypto market moved lower on Tuesday as a selloff in technology stocks carried into digital assets. Bitcoin traded around $62,300 after losing 2.5% since midnight UTC, while ether dropped more than 4% to $1,650.
The decline matters because it showed crypto continuing to trade like a risk asset when pressure builds in broader markets. CoinDesk reported that Nasdaq 100 futures were down 2.5% since midnight after Monday's technology-stock downturn, with profit-taking and the risk of higher bond yields weighing on the sector.
Altcoins were hit harder than bitcoin and ether. Tokens including ethena and hype fell 5% to 6%, while $717 million in liquidations across the market amplified the downward move. The Dollar Index also rose to 101.15, its highest level since May 2025.
Derivatives data pointed to cautious positioning. Open interest in bitcoin futures slipped to 720,000 BTC from 742,000 BTC last week, while CoinDesk said sellers appeared dominant across most of the top 25 coins. Put-call skews showed traders were still paying for downside protection, a sign of persistent caution.
There were pockets of relative strength. Privacy coins dash and monero lost less than 1% even as the broader market declined, while zcash fell 4.2%. CoinDesk also noted that the average crypto relative strength index stood at 39.05, a level it described as oversold and potentially supportive of a relief rally during the day.