Ether, solana and dogecoin slide as Strategy's bitcoin sales plan pressures market
Key takeaways
- Ether fell 8.2% over seven days to about $1,587, XRP dropped 7.1% to $1.04 and dogecoin slid 11.9% to $0.072, the worst of the majors.
- The yen slipped past 162 per dollar, its weakest since 1986, pushing the dollar higher across the board.
- Onchain demand stayed soft through the slide, according to Glassnode data.
Bitcoin traded around $59,514, down 0.3% over 24 hours and 7% on the week, per CoinDesk data, holding below its 200-week moving average, the average price over roughly the past four years and a long-term line it has sat on all month.
The week's losses ran deep across the altcoins. Ether fell 8.2% over seven days to about $1,587, XRP dropped 7.1% to $1.04 and dogecoin slid 11.9% to $0.072, the worst of the majors. BNB lost 6.5%. Solana bucked the trend, up 3% on the day and 2.9% on the week to $74, and Hyperliquid's HYPE bounced 7% on the day to leave it roughly flat for the week.
The immediate driver was currencies. The yen slipped past 162 per dollar, its weakest since 1986, pushing the dollar higher across the board. A stronger dollar makes dollar-priced assets like bitcoin costlier for foreign buyers and tends to draw money out of risk trades.