Bitcoin and Ethereum extended their slide on May 29 as risk-off sentiment gripped crypto markets amid geopolitical tensions and heavy institutional outflows, with investors retreating from digital assets despite easing volatility in broader equities.
Bitcoin hovered near the US$73,000 level after falling more than 3% over the past 24 hours, while Ethereum slipped below the key US$2,000 psychological mark, deepening losses for the second-largest cryptocurrency.
Analysts attributed the weakness to escalating US-Iran tensions, persistent ETF outflows and rising concerns over global interest rates.
The broader crypto market also came under pressure, with liquidations topping US$700 million in a single day as leveraged traders were caught in the sell-off. Ethereum’s decline has been sharper than Bitcoin’s in recent weeks, reflecting weaker sentiment toward altcoins and continued rotation into safer assets.
Market watchers said Bitcoin’s ability to hold above the US$70,000 range will be closely monitored, while Ethereum faces growing pressure after breaching critical support near US$2,000.
