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Crypto slips as Bitcoin drops below $63K amid stock-market strength
ActionForex notes the pullback comes with S&P 500 and Russell 2000 at new records, while Cosmos rose 10% and a break below $63K could target about $58.5K.
The crypto market retreated to the lower end of its May consolidation range, after early-month strength failed to build momentum in a pattern similar to June and July, Action Forex said. ActionForex linked the pause in crypto strength to renewed stock-market buoyancy, pointing to the S&P 500 and Russell 2000 reaching new record highs and describing it as a rotation away from tech stocks toward more traditional sectors. Among actively traded coins, Cosmos gained about 10% over the past 24 hours, while several others fell, including Aptos down 4.7%, Bitcoin Cash down 4.5%, and NEAR Protocol down 4.4%. Bitcoin slid below $63K, moving back toward early-last-week lows and under its 50-day moving average, which ActionForex said had previously been viewed as a support level. Glassnode warned that a break below the support zone around $63K could open the door to a move toward the June low near $58.5K. ActionForex also reported crypto-industry developments, including Riot Platforms selling 4,300 BTC in the second quarter to cover operating costs and expand its data centres, while Goldman Sachs agreed to acquire crypto-ETF operator NEOS Investments, which would give the bank control over 19 bitcoin and ethereum-linked ETFs and lift ETF assets under its management above $130 billion.
Latest closeBitcoin $84,310.25 ▼0.1%|Ethereum $2,685.67 ▲0.0%|S&P 500 7,675.92 ▼0.4%