Ether Resumes Plunge, Tracking Bitcoin Woes

After a relatively quiet start to the week, the two largest cryptocurrencies began sliding again as bearish sentiment weighed on digital assets.

Ether fell as much as 6% to $1,994.

Ether, which has recorded steeper losses than Bitcoin since a sharp October selloff, fell as much as 6% to $1,994. It was trading down 5% to around $2,014 at 6:25 a.m. in New York, Suvashree Ghosh reported for Bloomberg News.

Bitcoin fell as much as 2.4% to $68,666, after hovering around $70,000 over the weekend and slipping below that level on Monday.

The original cryptocurrency had nearly touched $60,000 on Friday before rebounding.

Bitcoin is coming off a particularly bruising week that saw it erase all of its gains since US President Donald Trump was reelected at the end of 2024. The crypto-friendly administration has been seen as a boon for the industry, but Bitcoin recently reached its longest monthly losing streak since 2018.

“Bitcoin is trading just below $70,000 in a cryptocurrency market that appears to be still looking for a clear sense of direction as the shock waves from last week’s selloff continue to reverberate,” said Petr Kozyakov, co-founder and chief executive at Mercuryo.

“This has left crypto market analysts trying to read the tea leaves for signs of where the market may be heading in the near term.”

Despite bouncing back from last week’s lows, markets are showing little risk appetite for the two largest cryptocurrencies. Bearish signals still plague Bitcoin derivatives.

Funding rates for Bitcoin perpetual futures have remained below zero, signaling that traders remain positioned for downward pressure, Sidharta Shukla also reported for Bloomberg News.