Key Takeaways
A broad cryptocurrency sell-off accelerated on April 28, with Bitcoin struggling to hold the $75,000 level as fears of a wider equity market correction and weakening retail demand weighed on digital assets. Ethereum slid to trade around $2,270, and XRP plunged from the $1 mark, according to CoinGecko data.
"There's a lot of risk out there and yet asset prices are at all-time highs," Sarah Breeden, Deputy Governor for Financial Stability at the Bank of England, told the BBC. "We expect there will be an adjustment at some point."
The crypto decline reflects a tight correlation with risk assets, particularly tech stocks. The correlation between Bitcoin and the Nasdaq 100 ran as high as 0.6 in early 2026, according to a CME Group report, meaning the asset class now often moves in lockstep with equities. The warning from a major central bank about overvalued stocks has directly impacted crypto sentiment.
Further evidence of a cooling market came from Robinhood (HOOD), which reported its crypto-related revenue dropped 47 percent to $134 million in the first quarter. The sharp decline points to waning engagement from the retail investors who have historically driven crypto rallies. The results highlight a structural shift where digital assets behave less like an independent hedge and more like a high-beta play on the technology sector. Should a broader market correction materialize, the previous cycle's floor of around $60,000 for Bitcoin could serve as the next major support level to watch.
This article is for informational purposes only and does not constitute investment advice.
