Ethereum (ETHUSD), the second-largest digital currency ranked by market value, experienced a significant drop of 10% in its value, based on data from CoinGecko.
The price of this altcoin has sharply declined, hitting a low of $1,601 within the day, and indications suggest that the selling pressure is intensifying.
Bitcoin, the leading cryptocurrency, has also witnessed a dip, falling below the $79,000 mark, reaching a daily low of $78,882. However, its losses are comparatively less severe than those experienced by Ethereum. The 
ETHBTC ratio has decreased to a level not seen since March of 2020.
Analyst Adam Cochran jokingly commented on social media platform X, “I, for one, am super excited to get to buy ETH at double digits again,” referring to the potential for buying opportunities at lower prices.
Other cryptocurrencies like Dogecoin 
DOGEUSD and Solana 
SOLUSD are also nearing double-digit percentage losses.
The broader cryptocurrency market is experiencing significant downward pressure following substantial losses in the U.S. stock market, which saw over $6 trillion in value erased earlier this week.
Although Bitcoin initially showed resilience during the stock market downturn, it is now demonstrating a more correlated, risk-sensitive behavior.
Prominent angel investor Jason Calacanis has suggested the possibility of Bitcoin falling to $60,000 within the current year.
Charles Gasparino, a reporter for Fox Business, reports that leading trading desks on Wall Street are bracing for potentially heavy selling activity. He has drawn parallels between the current market conditions and the market crash of 2008.
Breaking news: Major Wall Street trading operations will be fully staffed in anticipation of the futures market open tonight. Preparations are underway for increased selling pressure, possibly of significant intensity. However, there is also discussion about potential “value” opportunities and whether some strong stocks are becoming “oversold.” Overall, the prevailing sentiment leans strongly toward bearishness…