Bitcoin hit its lowest price in 21 months on Wednesday, dragging Ethereum, XRP, and Dogecoin down with it. The sell-off also hammered crypto stocks on Wall Street as investors fled risk assets.
Bitcoin fell as low as $59,217 before recovering slightly to $60,700 — a 2.7% drop over 24 hours and the third straight daily decline. Ethereum dropped 3.1% to $1,610. XRP threatened to slip below $1 for the first time since late 2024 (falling 3.1% to $1.07). Dogecoin shed 4.6% to $0.075.
Analysts point to a risk-off rotation hitting AI and semiconductor stocks. Micron Technology led a 0.4% Nasdaq decline before its earnings announcement. Hawkish remarks from Fed Chair Kevin Warsh and expectations of tighter monetary policy aren’t helping — economists expect the PCE index to show 4.1% annual inflation on Thursday, accelerating for a third straight month.
On Wall Street, things got ugly. Strategy (formerly MicroStrategy) plunged 9% to $94.43, bouncing off a 27-month low. Coinbase fell 5% to $150.11. Robinhood slid 5.8% to $97.21. BitMine, the largest corporate Ethereum holder, cratered 7.4% to $14.01.
Wintermute trader Jasper De Maere noted that “flows are suggesting traders have started going into summer recess” and could consolidate at current levels.
Bitwise senior investment strategist Juan Leon summed it up: “Days like today are undoubtedly painful. But we’ve seen this movie before.”
