Bloomberg Intelligence Senior Research Analyst James Seyffart discusses the evolving crypto and ETF markets.
Cryptocurrencies fell sharply on Monday, bringing fresh momentum to a wide-ranging selloff that appeared to have settled.
Bitcoin slid as much as 7% to below $85,000 in early New York trading, before paring the decline. Ether dropped around 7% to below $2,800, according to data compiled by Bloomberg. Most tokens followed a similar pattern, with Solana falling around 8%.
The crypto market is on shaky ground after a weeks-long selloff that began when some $19 billion in levered bets were wiped out in early October, just days after Bitcoin set an all-time high of $126,251. The original cryptocurrency shed 17% of its value in November, but a let-up in the selling pressure saw it regain ground last week, rising to above $90,000.
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