Ether, Solana and Dogecoin slide as yen weakness pressures crypto
Major cryptocurrencies fell on Tuesday as the Japanese yen hit a 40-year low, strengthening the US dollar and weighing on risk assets including crypto.
Major cryptocurrencies slid on Tuesday as the Japanese yen sank to a 40-year low, lifting the US dollar and keeping pressure on risk assets. Ether (ETH), Solana (SOL) and Dogecoin (DOGE) led the decline among major tokens, with Bitcoin also edging lower. The yen's weakness boosted the dollar index (DXY), which historically correlates with lower crypto prices as investors shift away from risk-on assets. This dynamic is amplified by rising US Treasury yields, which draw capital away from speculative markets like crypto. Traders can monitor these moves on NowPrice's live crypto dashboard to track real-time price action across major pairs.
Bitcoin traded around $59,514, down 0.3% over 24 hours and 7% on the week, holding below its 200-week moving average — a long-term support level it has tested throughout the month. This level is critical as it often marks the boundary between bull and bear markets. The current weakness comes amid the post-halving period, historically a time of reduced miner revenue and potential selling pressure as miners adjust to lower block rewards. Additionally, exchange reserve drawdowns have slowed, suggesting reduced accumulation by whales, while Bitcoin dominance remains elevated near 58%, indicating capital rotation away from altcoins. On-chain data shows whale concentration has dipped, with large holders reducing positions, adding to the cautious sentiment.
Ether fell 8.2% over seven days to about $1,587, while Dogecoin dropped 11.9% to $0.072, the worst performer among major coins. XRP lost 7.1% to $1.04, and BNB declined 6.5%. Solana bucked the trend, rising 3% on the day and 2.9% on the week to $74. The divergence highlights Solana's relative strength amid a broader altcoin sell-off. Looking ahead, traders will watch for further yen weakness and its impact on the dollar, as well as any shift in risk sentiment that could trigger a crypto rebound. Key levels include Bitcoin's 200-week moving average and the $60,000 psychological mark. A break below $59,000 could accelerate selling, while a reclaim of $60,000 may signal renewed buying interest. ETF flow data will also be crucial, as sustained outflows from spot Bitcoin ETFs could exacerbate downside pressure.