Bitcoin Drops Below $68K, Ether Slumps in Sudden Crypto Sell-Off as ETH ETF Decision Looms
The sell-off was broad-based, with DOGE, SHIB, AVAX, LINK diving more than 4% in less than an hour.
![Bitcoin (BTC) price on May 23 (CoinDesk)](https://www.coindesk.com/resizer/5F0dDiHyj35X51_2AfEYHMW7RYk=/567x297/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BYBCPAPA5JDKNMKDBIB3WTPJE4.jpg)
- A trading firm's $27 million sell order for ether could have triggered the decline, one market observer speculated.
- A rampant U.S. dollar after a PMI report showed a red-hot U.S. economy may have accelerated the drop.
Cryptocurrency prices took a hit Thursday as market participants waited for a U.S. regulatory decision on spot ether (ETH) exchange-traded funds.
Bitcoin (BTC) dropped below $68,000 during the early U.S. trading session from around $70,000 earlier in the day, sliding almost 3% over the past 24 hours.
ETH, which surged to its highest price since mid-March to above $3,900 early Thursday, tumbled to near $3,700, but was still in the green over the past 24 hours.
While the sell-off started earlier, a fresh S&P Purchasing Managers' Index report showed a red-hot U.S economy, with output growing at the fastest pace in two years. That drove a surge in the dollar as traders tamped down interest-rate cut expectations, which might have exacerbated the drop in risk assets. The broad-market equity index S&P 500 fell 0.6% from its opening price.
One observer noted that the crypto decline could have been triggered by a large ETH sell order from trading firm Symbolic Capital Partner. Blockchain data showed the firm sold 6,968 ETH worth $27.4 million within a minute.