Crypto Selloff Drags Ether, XRP and Dogecoin Down Over 4%
0h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
cryptocurrencybitcoin
Fazen Markets Editorial Desk
Collective editorial team · methodology
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A broad-based cryptocurrency selloff on June 26, 2026, saw major digital assets post significant losses, led by steep declines in Ether, XRP, and dogecoin. The downturn mirrored a simultaneous drop in technology stocks, pressuring risk assets broadly. Bitcoin briefly slipped near the $58,000 level before a partial recovery, a zone that historical data from CF Benchmarks identifies as a key area where buyers have historically entered the market. As of 06:19 UTC today, the aggregate cryptocurrency market capitalization had shed tens of billions of dollars, with trading volumes spiking across major exchanges.
Cryptocurrency markets are exhibiting a strong positive correlation with technology stocks, particularly the Nasdaq-100 index. This relationship has been a dominant feature of the market structure since the 2021 bull run, where crypto assets often amplified moves in the tech-heavy equity sector. The current macro backdrop is characterized by elevated Treasury yields and renewed hawkish sentiment from the Federal Reserve, creating a hostile environment for high-growth, non-yielding assets.
The immediate catalyst for the selloff appears to be a sharp pre-market decline in major technology stocks, spooking crypto traders who view the sectors as linked. This risk-off sentiment triggered a wave of liquidations in leveraged crypto derivative positions, accelerating the downward move. Market participants are also cautiously positioning ahead of key economic data releases, further compounding the volatility.
The selloff impacted a wide range of digital assets, with several major altcoins underperforming Bitcoin. XRP fell 5.19% to trade at $1.03, with a 24-hour trading volume of $2.45 billion. Dogecoin declined 4.25% to a price of $0.0740. Bitcoin itself was not immune, dropping 3.14% to $59,694. Its market capitalization stands at $1.20 trillion.
| Asset | Price | 24h Change | 24h Volume |
|---|---|---|---|
| Bitcoin (BTC) | $59,694 | -3.14% | $44.43B |
| XRP | $1.03 | -5.19% | $2.45B |
| Dogecoin (DOGE) | $0.0740 | -4.25% | $808.51M |
The scale of the selloff is highlighted by the drawdown from recent highs; Bitcoin is down approximately 18% from its all-time peak near $73,000 recorded in March 2026. The aggregated open interest in Bitcoin futures markets declined by over $2 billion during the selloff, indicating a mass unwinding of leveraged bets.
The selloff demonstrates the continued sensitivity of crypto markets to traditional risk sentiment, particularly in the technology sector. Publicly listed crypto exchanges and mining companies, such as Coinbase and Marathon Digital, typically see their stock prices decline in tandem with such crypto weakness, often by a greater magnitude. Conversely, sustained volatility directly benefits trading-focused firms and exchanges through increased transaction fee revenue.
A counter-argument suggests that this correlation may break down if the selloff is driven by crypto-specific factors, such as regulatory concerns or network issues, rather than broad macro trends. The flow data indicates a clear rotation out of smaller altcoins and into stablecoins like USDT and USDC, a classic flight to safety within the digital asset ecosystem. Large holders, or whales, appear to be providing some support near the $58,000 level for Bitcoin, as evidenced by on-chain data showing accumulation at those prices.
Immediate focus will be on the performance of U.S. equity markets at the open to see if the tech selloff deepens or reverses, which will likely dictate short-term crypto price action. The core PCE Price Index data release on June 30 will be the next major macro catalyst, as it is the Federal Reserve's preferred inflation gauge. Any significant deviation from expectations could solidify the current hawkish monetary policy stance, prolonging pressure on risk assets.
For technical traders, Bitcoin's price action around the $58,000 to $60,000 zone is critical, as a sustained break below could trigger a test of the $50,000 support level. On-chain analytics firm Glassnode reports that the short-term holder realized price—the average acquisition cost of coins moved in the last 155 days—currently sits near $56,000, making it another key level to monitor for potential buyer exhaustion or capitulation.
Both cryptocurrency and technology stocks are considered risk-on growth assets. They are often purchased by a similar investor demographic seeking high returns. During periods of loose monetary policy and low interest rates, both sectors tend to perform well as investors chase yield. When macro conditions tighten and investors become risk-averse, they often sell both asset classes simultaneously to move into safer investments like bonds or cash.
A sharp decline in cryptocurrency prices directly pressures mining company profitability. Their primary revenue, earned in Bitcoin or Ether, is worth less in dollar terms. If the price falls below their cost of production, which includes significant energy expenses, mining becomes unprofitable. This can force miners to sell more of their mined coins to cover operational costs, potentially creating additional selling pressure in the market and impacting their stock valuations.
Analysis from firms like CF Benchmarks shows that the $50,000 to $60,000 range has acted as a major consolidation and accumulation zone in previous market cycles. Large institutional buyers and long-term investors have consistently entered the market near these levels, viewing it as a valuation support area based on network adoption metrics and cost-of-production models for miners. A decisive break below it would represent a significant shift in market structure.
A risk-off mood in tech equities triggered a broad crypto liquidation, testing a critical historical support band for Bitcoin.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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