Bitcoin BTC$58,613.42 rose 0.3% to $58,700 on Wednesday, showing a sliver of strength after spiking down to $57,700, the lowest point since September 2024, shortly after midnight UTC.

Ether (ETH) is at $1,580, having also experienced a slight relief bounce since 01:00 UTC.

U.S. equity index futures are lower since midnight UTC, with S&P 500 futures and Nasdaq 100 futures in the red by 0.2%-0.4%

Risk assets like crypto and tech stocks have been struggling in recent weeks as concerns of impending inflation have lifted the U.S. dollar and made traders cautious.

The altcoin market has been the hardest hit because it lacks the liquidity and demand to deal with precipitous moves to the downside and liquidation cascades.

Derivatives positioning

• A…