Leading cryptocurrencies plunged alongside stocks on Thursday, as a tech-driven sell-off sent risk-on markets into a tailspin.

Bitcoin sank below $84,000 to hit levels last seen in April. Trading volume surged 64% over the last 24 hours, signaling high selling pressure. 

Ethereum dived to $2,751, its worst since early July, while XRP and Dogecoin recorded sharp drops.

Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR)  and Bitmine Immersion Technologies Inc. (NYSE:BMNR), closed down 9.63% and 9.89%, respectively

About  $1.74 billion was liquidated from the market in the last 24 hours, according to Coinglass, with $1.64 billion in levered longs alone wiped out. Bitcoin’s open interest fell 2.24% in the last 24 hours to $58.34 billion.

The market sentiment worsened from “Fear” to “Extreme Fear,” according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.87 trillion, shrinking by 4.88% over the past 24 hours.

Major indexes closed in the red on Thursday. The S&P 500  slid 0.13% to end at 6,969.01, while the tech-focused Nasdaq Composite fell 0.72% to finish the session at 23,685.12

The Dow Jones Industrial Average defied the decline, gaining 0.11%, or 55.96 points, to close at 49,071.56.

Spot gold fell 0.85% to $5,329.63 per ounce, after reaching new highs of $5,590 earlier in the session.

In a note shared with Benzinga, analysts at cryptocurrency payment company B2BINPAY noted Ethereum’s two month-long consolidation phase.

“This prolonged accumulation suggests that the $2,600-3,400 range reflects equilibrium and a fair value for the asset,” the analysts said. “In other words, demand and supply are currently balanced.”

They added that for the “picture to become clearer,” the market needs a “clear impulse” either to the upside or downside.

Ali Martinez, a well-known cryptocurrency trader and analyst, derived $98,643, $121,482 and $144,321 as key resistance levels for Bitcoin from the Market Value to Realized Value pricing bands.

These pricing bands use statistical deviation from the Market Value to Realized Value ratio’s all-time average to identify potential market tops and bottoms.

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