Cryptocurrencies saw renewed selling pressure early Wednesday during U.S. trading, with Bitcoin (BTC) falling below $56,000. Following the U.S. presidential debate between Kamala Harris and Donald Trump, BTC briefly rose to over $57,000 after a positive reaction to the U.S. CPI inflation report. However, within an hour of U.S. stock markets opening, Bitcoin tumbled to $55,600, and remains down 2% over the past 24 hours.
The CoinDesk 20 Index, which tracks the broader crypto market, also declined over 2%. Altcoin majors like Solana (SOL), Avalanche (AVAX), and artificial intelligence tokens such as Near (NEAR) and Render (RNDR) saw losses of 4%-7%.
This pattern of crypto assets falling around U.S. market openings has persisted for weeks, reflecting a risk-off sentiment among American investors. Meanwhile, U.S. stocks opened weaker, with the S&P 500 down 1.6% and the Nasdaq 100 down 1.3% by mid-morning.
Adding to market concerns was the rise in the Japanese yen’s value overnight. The yen, now at 141 to the U.S. dollar, is higher than its early August levels, when a sharp increase triggered a mini-crash across traditional and crypto markets.
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