Bitcoin (BTC-USD) is facing another day of selling pressure as traders narrow their risk appetite in the face of increasingly poor economic data as well as recession fears. The crypto is dipping 4.8% to $20.85K as of around 11:15 a.m. ET, while ethereum (ETH-USD) is dropping nearly 9.5% to $1.38K over the past 24 hours.In turn, the global crypto market cap is falling 4.6% to under $1T, standing at $956.5B at the time of writing, according to CoinMarketCap data. The crypto slump comes as all three major stock indices are pulling back, with the tech-heavy Nasdaq (COMP.IND) -1.5% getting hit the hardest, as traders weigh disappointing economic data ranging from the housing market to consumer confidence. In addition, all eyes will be on the Federal Reserve's interest rate decision Wednesday, as a bigger than expected rate hike could bode poorly for equities and hence crypto prices. Some of the big percentage decliners in the cryptosphere intraday are: cardano (ADA-USD) -7.3%, solana (SOL-USD) -8.7%, dogecoin (DOGE-USD) -6.2%, polygon (MATIC-USD) -10.3%, avalanche (AVAX-USD) -7.8%, shiba inu (SHIB-USD) -7.2% and uniswap (UNI-USD) -9.8%. Crypto-related stocks such as MicroStrategy (MSTR) -8%, Coinbase GLobal (COIN) -13.9%, Marathon Digital (MARA) -8.6%, Bit digital (BTBT) -11.8%, Core Scientific (CORZ) -7.3% and Hut 8 Mining (HUT) -8.8% are all getting knocked lower as well. Earlier, Jefferies downgraded MicroStrategy to Underperform.
