Ethereum’s native token Ether (ETH) plunged to its lowest level in almost two months against Bitcoin (BTC) as a crypto market sell-off intensified on May 12.
Macro headwinds catch up to ETH/BTC finally
The ETH/BTC trading pair fell by 7.5% to 0.0663 in the past 24 hours. The downside move came as a part of a correction that began May 11 when the pair traded at the local high of 0.0768. That pushed Ether down against BTC by up to 13.75%.
Cryptocurrencies have come under stress in recent weeks alongside stock markets. Notably, money managers, traders and investors show signs of “de-risking” their portfolios amid growing concerns over an increasingly hawkish Fed.
Ether, the second-largest crypto by market cap, has also been hit by the same macro headwinds, now trading 65% lower than its record high of around $4,870 in November 2021. Similarly, Bitcoin is down 63% from its all-time high of $69,000 in the same period.
As a result of…
