Crypto market worth $2 trillion less - Bitcoin, at lowest level since October 2024. Only $66,675
Bitcoin fell sharply in midweek, accelerating its decline due to volatility in the precious metals market and technology stocks. The world's largest cryptocurrency fell to a low of $66,675.12, its lowest level since October 2024.
Overall, the global cryptocurrency market has lost $2 trillion in value since reaching a peak of $4.379 trillion in early October, CoinGecko data showed, with about $800 billion lost in the last month alone.
Bitcoin has already fallen 11% this week, bringing its year-to-date loss to 23%. Ether, the second-largest cryptocurrency by market capitalization, fell more than 7% to $1,973 on Thursday. Ether is down nearly 14% this week, with losses of roughly 34% so far this year.
Sentiment towards cryptocurrencies was affected by the recent sell-off in metals and stocks. Gold and silver, for example, have become more volatile as a result of speculative buying. Silver fell as much as 16.6% to a low of $73.41.
In stocks, the S&P 500 fell to its lowest level in nearly two weeks, and the Nasdaq fell to its lowest level in more than two months, as the topic of artificial intelligence came under renewed pressure.
“It is clear that the cryptocurrency market is now in a state of full capitulation. If previous cycles are anything to go by, this is no longer a short-term correction, but rather a transition from distribution to reset - and these typically last months, not weeks,” investment analysts said.
The recent cryptocurrency slump has knocked down shares of companies that hold bitcoin and other digital assets, fueling concerns that the market turmoil is spreading beyond token prices.
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