Bitcoin Slides to $66K, Ether Dives 5% in Market-Wide Selloff

Cryptocurrencies bled lower on Wednesday alongside a slide in traditional markets across the board.

Crypto markets slid on Wednesday evening as traditional markets also declined across the board.

CoinDesk's crypto market index, the CoinDesk 20, fell 2.6% in the last 24 hours. Chainlink (LINK) was the worst performing coin among the top 20, down 7.6%. Internet Computer (ICP) was the only gainer, up 1%.

Bitcoin (BTC) slipped 2.3% to $66,000. Ether (ETH) fell 5.3% to below $2,490. Solana (SOL) showed further strength on Wednesday, with the coin trading flat at $169 at press time.

ETH not only made new lows against BTC – the ETH/BTC ratio went below 0.038 for the first time since April 2021 – but also against SOL. The SOL/ETH trading pair notched a decisive new all-time high by rising 6.3% to 0.068 amid renewed debate in the crypto community about the wisdom behind Ethereum’s roadmap.

“Much of the poor sentiment and questions around Ethereum's roadmap is due to recent underperformance versus BTC and SOL,” Brian Rudick, director of research at crypto trading firm GSR, posted on X.

“However, this is a poor comparison as BTC and SOL were subject to two large idiosyncratic events,” Rudick wrote, namely, the immense success of the spot bitcoin exchange-traded funds and the impact of the FTX collapse – and Solana’s resurgence from the ashes – on investor perception.

“Measuring from crypto's ATH market cap in Nov 2021 to remove [the FTX collapse] shows ETH and SOL had [about] the same performance,” Rudick added.

The looming U.S. election, only two weeks away, didn't appear to offer any assistance either. Even with crypto-friendly Donald Trump in the lead (based on betting markets) and Vice President Kamala Harris appearing less adversarial towards crypto than the current administration, markets will have difficulty “breaking upwards before election day,” Joe Edwards, head of research at digital assets broker Enigma Securities, wrote in a research report.

Broader market update

The bleeding out on Wednesday wasn’t limited to crypto. The S&P 500, Nasdaq, and Dow Jones were each down more than 1% towards the end of the session as price consolidated following strong runs higher for all over the past couple of months.

The bond market was also lower, with the 10-year Treasury yield rising to a three-month high of 4.25%. Making record highs on seemingly a daily basis of late, gold also pulled back, slipping 1.1% to $2,730 per ounce. The price of oil fell 1.35% to $70.77 per barrel.

“Don’t worry folks Tesla will save the market when they report earnings,” Ram Ahluwalia, CEO of crypto investment advisor Lumida Wealth, posted on X. “Overall, I’d say we are closer to the end of this move of pricing in higher for longer… November is looking very good in my view.”

Tesla is due to report its quarterly results after this afternoon's market close.

Crypto equities felt the brunt of the pullback. Bitcoin miners led the losses, with MARA Holdings (MARA) and CleanSpark (CLSK) each down about 5%. Coinbase (COIN) fell 6% and MicroStrategy (MSTR) slipped 2.5%.

CoinDesk's crypto market index, the CoinDesk 20, fell 2.6% in the last 24 hours. Among the top 20 coins, Chainlink was the worst performer, down 7.6%. Internet Computer was the only gainer, up 1%.

Bitcoin slipped 2.3% to $66,000, while ether fell 5.3% to below $2,490. Among the top 10 coins, Solana showed further strength on Wednesday, with the coin trading flat at press time at $169.

The ETH/BTC trading pair fell to new lows, with the ratio dropping below 0.038 for the first time since April 2021. Also of note, ETH made new lows against Solana, with the SOL/ETH trading pair notching a decisive new all-time high. The pair rose 6.3% to 0.068 amid renewed debate in the crypto community about the wisdom behind Ethereum’s roadmap.

“Much of the poor sentiment and questions around Ethereum's roadmap is due to recent underperformance versus BTC and SOL,” Brian Rudick, director of research at crypto trading firm GSR, posted on X.

“However, this is a poor comparison as BTC

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