Bitcoin (BTC-USD) and Ethereum (ETH-USD) are down 4.42% and 3.70% respectively at the time of publishing today amid mounting macro uncertainties.
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Cryptocurrencies are moving lower in sync with the broader global markets as the U.S. debt ceiling drama continues to unfold with no real resolution yet in sight.
Bitcoin has now dropped nearly 5.7% over the past month and if weakness persists it could drop below the crucial $25,000 support level. Additionally, a significant magnitude of funds in the crypto space is tied up with stablecoins and one could expect weak sentiment to persist until the U.S. debt-ceiling woes are resolved.
Despite today’s decline, Ethereum, the second largest cryptocurrency, still remains nearly 54.6% higher year-to-date.
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