Bitcoin, Ethereum, XRP Fall. Why Cryptos Are Struggling Today.

Bitcoin hit a record high of more than $126,000 on Monday. (Dreamstime)

Key Points

• Bitcoin decreased 1% over the past 24 hours to $121,830, with profit-taking and a stronger U.S. dollar potential culprits.
• Other cryptocurrencies also saw declines, with Ether falling 3.6%, XRP dropping 2.4%, and Solana sliding 0.3%.
• Crypto-related stocks were affected, as Coinbase Global fell 1.5% and Bitcoin-buyer Strategy dropped 1.6% in premarket trading.

The price of Bitcoin slipped further from its record high hit earlier this week.

The world’s largest cryptocurrency was down 1% over the past 24 hours to $121,830 on Thursday, according to CoinDesk data, and is now up just about 1% over the past seven days.

Investors taking profit is one likely reason for sliding prices. Another is the recent strengthening of the U.S. dollar, up about 1% against a basket of other currencies over the past week.

Among smaller digital coins, Ether fell 3.6% over the last 24 hours, XRP dropped 2.4% and Solana slid 0.3%.

Meanwhile, S&P 500 and Nasdaq futures traded largely flat.

Falling prices also affected crypto-related stocks. Coinbase Global, the largest crypto exchange in the U.S., fell 1.5% in premarket trading, while Bitcoin-buyer Strategy , formerly MicroStrategy, dropped 1.6%.

Write to Elsa Ohlen at elsa.ohlen@barrons.com