Market Shake-Up: Bitcoin Drops and Ethereum Shows Resilience

By: Eva Baxter

Market Update

The financial markets witnessed a dramatic shift as the S&P Global US Composite PMI Flash surged to 54.4 in May, according to Trading Economics. This uptick drove expectations for potential interest rate hikes, impacting asset prices, including digital currencies.

Bitcoin's value fell below $68,000 amidst the market turmoil. However, Ethereum displayed remarkable resilience, trading near $3,790. The ETHBTC ratio has also seen an upward trajectory, standing at 0.556, marking a 3% rise.

This broad-based sell-off also saw other cryptocurrencies like DOGE, SHIB, AVAX, and LINK dropping by over 4% in under an hour. The market's rapid adjustments reflect the ongoing uncertainty influenced by macroeconomic factors and investor sentiment.