Bitcoin, Ethereum, Solana Fall as Crypto Crisis Deepens

Bitcoin is now trading 32% off the record high it hit in early October. (Michael M. Santiago/Getty Images)

Key Points

• Bitcoin’s price decreased by 0.7% to $94,900 over 24 hours and is 32% below its early October record high.
• Other cryptocurrencies also declined, with Ethereum down 0.8%, Solana 1.3%, and XRP 0.2%.
• Strategy acquired 8,178 Bitcoin for $836 million last week, increasing its total holdings to nearly 650,000 Bitcoin.

The price of Bitcoin was sliding yet again Monday, as investors bought the dip in stocks but steered clear of cryptocurrencies following a dismal run.

The world’s largest token was down 1.8% to $91,882 over the past 24 hours, according to Kraken crypto exchange. It’s now trading 32% off the record high in early October.

Ethereum has declined 2.1%, Solana has fallen 4%, and XRP has declined 2.3% over the past 24 hours, per Kraken.

Created with Highcharts 9.0.1Sources: CoinDesk (Bitcoin); Kraken (Ethereum,​Solana, XRP)

Created with Highcharts 9.0.1XRPBitcoinEthereumSolanaNov. 8Nov. 17-20-15-10-5051015%

The selloff came even though tech stocks, which often trade in tandem with digital assets, looked poised to rally. Futures tracking the tech-heavy Nasdaq 100 were 0.6% higher on Monday, suggesting investors see a recent drawdown as a buying opportunity.

Bitcoin and its peers weren’t benefiting from the same trend, which probably signals the market is still relatively cautious ahead of a slew of economic data that had been delayed by the government shutdown.

The world’s largest corporate Bitcoin holder bucked the trend by buying the dip, though. Strategy said on Monday that it purchased 8,178 Bitcoin last week, for $836 million, bringing its total holding to just under 650,000 Bitcoin. It’s the largest number of tokens Strategy has bought since late July.

Write to George Glover at george.glover@dowjones.com