Key facts
- Dogecoin fell 4.5% and ether dropped 2.5% on Friday.
- XRP and Solana each slipped about 2.5%.
- Bitcoin was down 0.6% to around $65,400.
- Disappointing technology earnings weighed on equities, contributing to a broader risk-off move in crypto.
- Crypto market sentiment shifted into the 'Fear' zone.
- Over $240 million in crypto positions were liquidated in the past 24 hours.
Cryptocurrencies, led by dogecoin and ether, experienced a broad but shallow retreat on Friday, with investors digesting disappointing technology earnings that weighed on equities. Dogecoin fell 4.5% and ether dropped 2.5%, while XRP and Solana each slipped about 2.5%. Bitcoin held up better, down 0.6% to around $65,400, though it had previously dipped to $64,000. This pullback barely dented the weekly gains for most major cryptocurrencies, with Bitcoin still up 3% and ether up 1.8% over seven days. The broader market sentiment shifted towards fear, with Coinglass data showing over $240 million in liquidations across 74,657 traders in the past 24 hours. Spot Bitcoin ETFs saw net inflows of $68.99 million on Wednesday, and spot Ethereum ETFs saw net inflows of $72.6 million. Analysts suggest that a renewed rout in technology stocks, including a 6.1% drop in Apple shares, pulled risk assets lower worldwide. South Korea's Kospi tumbled significantly, triggering trading halts as chipmakers SK Hynix and Samsung fell more than 8%. Nasdaq 100 futures also declined. Part of Bitcoin's pullback is attributed to large holders selling into a market with waning risk appetite, as investor attention has increasingly flowed into AI-related stocks. This leaves crypto competing for a smaller share of overall risk appetite. Analysts note that Bitcoin has pulled back into a historically important support zone between $50,000 and $60,000, with key levels at $55,000 on the downside and $61,000 to $62,000 on the upside. Some traders expect Bitcoin to trade in a range for the next one to one-and-a-half months before potentially rallying towards $80,000.