Bitcoin, ether fall alongside stocks as investor sentiment worsens

Bitcoin (BTC-USD) and ethereum (ETH-USD), the two largest cryptocurrencies by market cap, are falling back under key levels in Wednesday morning trading, as stocks and other risk assets take a beating. Over the past 24 hours, bitcoin (BTC-USD -3.8%) is drifting to $28.7K as of shortly before 12:30 p.m. ET. Ethereum (ETH-USD -4.7%) is getting dragged down to $1.93K. Likewise, all three major U.S. stock market indices are dipping by at least 2% each amid a slew of poor economic data and a more hawkish Fed. As bitcoin (BTC-USD) and other major cryptos face extended multi-month corrections from ongoing selling pressure, "Bitcoin's forward returns following a 55%+ drawdown tend to be flat or negative over the following six months," Ronnie Stoeferle, a fund manager and author, wrote in a Twitter post. The global crypto market cap has lost more than half of its value since its peak in Nov. 2021, recently standing