Bitcoin ( BTC-USD ) is facing another day of selling pressure as traders narrow their risk appetite in the face of increasingly poor economic data as well as recession fears.
The crypto is dipping 4.8% to $20.85K as of around 11:15 a.m. ET, while ethereum ( ETH-USD ) is dropping nearly 9.5% to $1.38K over the past 24 hours.
In turn, the global crypto market cap is falling 4.6% to under $1T, standing at $956.5B at the time of writing, according to CoinMarketCap data.
The crypto slump comes as all three major stock indices are pulling back, with the tech-heavy Nasdaq ( COMP.IND ) -1.5% getting hit the hardest, as traders weigh disappointing economic data ranging from the housing market to consumer confidence . In addition, all eyes will be on the Federal Reserve's interest rate decision Wednesday, as a bigger than expected rate hike could bode poorly for equities and hence crypto prices.
Some of the big percentage decliners in the cryptosphere intraday are: cardano ( ADA-USD ) -7.3% , solana ( SOL-USD ) -8.7% , dogecoin ( DOGE-USD ) -6.2% , polygon ( MATIC-USD ) -10.3% , avalanche ( AVAX-USD ) -7.8% , shiba inu ( SHIB-USD ) -7.2% and uniswap ( UNI-USD ) -9.8% .
Crypto-related stocks such as MicroStrategy ( MSTR ) -8% , Coinbase GLobal ( COIN ) -13.9% , Marathon Digital ( MARA ) -8.6% , Bit digital ( BTBT ) -11.8% , Core Scientific ( CORZ ) -7.3% and Hut 8 Mining ( HUT ) -8.8% are all getting knocked lower as well.
Earlier, Jefferies downgraded MicroStrategy to Underperform .
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Bitcoin slides further toward $20K as traders' risk appetite wanes