Crypto Prices Slide with Stocks and Gold as Correlation Hits 67%

Crypto prices have been on the decline, with Bitcoin dropping to around $63,853, Ethereum easing to about $1,918, XRP dipping near $1.06, and Solana falling to roughly $74.27.

This isn't due to anything happening within the crypto world itself, but rather a reflection of broader market trends.

The recent move has shown a 67% correlation with stocks and 93% with gold, indicating that crypto is moving in step with traditional markets lately.

Leveraged bets have also contributed to the drop, with roughly $144.63 million in long positions being liquidated, which added extra selling pressure and made the drop feel bigger than it might have otherwise.