Cryptocurrencies dropped sharply on Thursday as U.S. stocks tumbled, with Bitcoin losing $66,000 and investor sentiment hitting extreme fear levels according to market indices.
On Thursday, Bitcoin fell 1.5% to around $65,700 and Ethereum dropped over 2% to just above $1,900 as U.S. stocks declined, with the Nasdaq down 1.6%. The Alternative’s Crypto Fear & Greed Index plunged to 5, marking extreme fear beyond levels from the 2022 crypto winter and the 2020 Covid crash. Coinbase and Robinhood shares each fell more than 8%, alongside notable declines in MicroStrategy, Circle Financial, and Hut 8. Standard Chartered lowered its price targets for major cryptocurrencies, warning Bitcoin could drop to $50,000 and Ethereum to $1,400 in the coming months. Long-term forecasts through 2030 remain constructive.