'Painful' Bitcoin Sell-Off Drags Ethereum, XRP and Dogecoin Lower as Crypto Stocks Dive
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- Bitcoin fell as low as $59,217 before firming to $60,700 — a 2.7% 24-hour drop and its lowest point in 21 months, putting it on track for a third straight daily decline.
- Ethereum dropped 3.1% to $1,610, XRP fell 3.1% to $1.07 (threatening to slip below $1 for the first time since just after Trump's 2024 reelection), and Solana declined 2.6% to $67.
- Dogecoin plunged 4.6% to 7.5 cents, hitting its lowest level since late 2023, according to CoinGecko data.
- Strategy cratered 9% to $94.43 after touching a 27-month low of $92.28, while Coinbase fell 5% to $150.11 and Robinhood slid 5.8% to $97.21.
- BitMine, the largest corporate holder of Ethereum, saw shares tumble 7.4% to $14.01 — the firm's lowest level since dedicating itself to ETH accumulation a year ago.
- Juan Leon of Bitwise called the sell-off "painful" but said crypto drawdowns have historically felt thesis-breaking in the moment while adoption continued to grow.
- Wintermute OTC trader Jasper De Maere wrote that "traders have started going into summer recess" and warned crypto could follow equities lower in any further risk-off rotation, with the Fed's PCE inflation print due Thursday and rate hikes projected at the September meeting per CME Watch.
Why it matters: The sell-off underscores crypto's tightening correlation with the tech and AI complex rather than its function as an independent store of value — Bitcoin's 21-month low coincided with a Micron-led 0.4% Nasdaq decline, and XRP's threat to break $1 for the first time since Trump's November 2024 win marks a key psychological threshold for retail sentiment heading into a PCE inflation print that could harden Fed rate-hike bets.
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