Market picture Bitcoin is falling in line with the broader trend, while Ethereum and Solana are down 8.4% and 7.3%, respectively. Gold has also experienced an almost synchronised sell-off, losing around 1%, but equity markets remain generally positive and hopeful. Bitcoin fell below $58K in thinly liquid trading early Wednesday afternoon but later recovered to $59K by the start of active trading in Europe.
Ethereum briefly dipped below $2400, its lowest level since 8 August. There is a risk that this week's sell-off is a second leg lower, following the collapse and subsequent consolidation of previous weeks. A drop below $2100 could confirm this hypothesis. News background CryptoQuant doubted that the bullish scenario would materialise soon due to the activation of large sellers. The bitcoin futures market also shows that traders are cautious.