Crypto prices today continued their downward trend as investors remained in the sidelines and panic selling intensified. The crypto fear and greed index has slipped to 18, while Wall Street analysts from companies like Citi and HSBC have issued a major warning about the current state of the market.
Crypto Prices Today Dip After Citi and HSBC Warning
Citigroup and HSBC have issued a major warning about the US stock market and the economy. In a note, Citigroup downgraded US equities and upgraded Chinese ones. The analysts slashed the US stock market outlook from neutral to overweight.
The analyst noted that the US exceptionalism was pausing and that investors would find better opportunities elsewhere. They added:
“The news flow from the US economy is likely to undershoot the rest of the world in coming months.”
Similarly, analysts at HSBC, Europe’s biggest bank by assets, downgraded US stocks citing Donald Trump’s trade wars. The analysts remain moderately bullish on these equities, but see better opportunities in Europe, where the ECB is cutting rates.
These downgrades come as US stocks have crashed. The S&P 500, Nasdaq 100, and Dow Jones have all erased their YTD gains and are hovering near their lowest levels in months.
The performance of the US equities market is important for crypto prices because of their close correlation. In most cases, crypto prices like BTC, DOGE, and SHIB crash when Wall Street is not doing well.
A potential catalyst for the crypto prices today will be a meeting between Donald Trump and top American executives.
Crypto Prices Today: BTC, SHIB, DOGE Slip
Some of the most standout cryptocurrency prices today were Bitcoin, Shiba Inu, and Dogecoin.
BTC Price Today
Bitcoin price today sunk to a low of $76,500 and then quickly pared back some of these losses to a high of $82,000. This rebound happened as US stock futures rose, with the Nasdaq 100 index rising by 0.50% and the S&P 500 rising by 0.40%.
Technically, the Bitcoin price remains at risk as a death cross pattern nears. The spread between the 200-day and 50-day Weighted Moving Averages (WMA) has narrowed. A death cross is one of the most bearish patterns in the market.
SHIB Price Today
Shiba Inu price crashed to a low of $0.00001078 on Tuesday, down by 68% from its highest level in 2024. Its lowest point this week was a notable level since it coincided with the lowest swing in August last year.
The hope for SHIB price bulls is that it may have formed a double bottom and a falling wedge patterns, usually bullish signs. The two lines of the wedge are about to meet, pointing to a potential rebound.
DOGE Price Today
Dogecoin price today dropped to $0.1423, its lowest level since October last year, and 70.5% below last year’s high. Like Shiba Inu, the hope for DOGE bulls is that it has formed a falling wedge pattern. The Stochastic Oscillator has also moved to the oversold level, pointing to a potential rebound.
Other Top Crypto Price Movers Today
The top gainers in the crypto market today were altcoins like IOST, Tornado Cash, Movement (MOVE), Arkham (ARKM), and Just a Chillguy. All these coins jumped by over 10% on Tuesday.
The most notable laggards were SPX6900 (SPX), Grass, and Lido DAO, which plunged by over 15%.
Frequently Asked Questions (FAQs)
These coins dropped because of the close correlation that exists between US equities and cryptocurrencies.
The top gainers in the crypto market were coins like IOST, Tornado Cash, and Movement.
The upcoming meeting between Donald Trump and US top executives will have an impact on the stock and crypto market.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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