Bitcoin and Ethereum Struggle as Market Faces Deep Declines
Bitcoin recently hit a three-month low following a significant drop within just 24 hours.
Ethereum, the second-largest cryptocurrency, was not spared, suffering an 11.8% decrease, dropping to $2,375.
The broader altcoin market mirrored this downturn, with notable declines: Solana (SOL) dropped by 15.6%, XRP by 13.7%, BNB by 6%, and AVAX by 13%.
Amidst this market turbulence, Ethereum’s chart is raising concerns of a potential “death cross,” a signal of significant market weakness.
READ MORE: Michael Saylor’s Strategy Purchases $2 Billion in Bitcoin After Recent Fundraising
According to analyst Omkar Godbole, this pattern could be forming as Ethereum’s 50-day moving average is nearing a crossover below the 200-day moving average. A death cross typically signals that the price could remain below its long-term average for some time, raising fears of further declines.
The recent declines appear to be tied to several factors, including Nasdaq futures indicating continued losses in tech stocks and a stronger Japanese yen.
The strengthening yen has led to a wave of risk aversion, reminiscent of August, when the Bank of Japan’s interest rate hike triggered a sharp drop in Bitcoin prices. In addition, recent remarks from former U.S. President Trump on trade tariffs, which added uncertainty to the market, further contributed to the crypto market’s downfall.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
