- Bitcoin briefly dropped below $72,000, a level not seen in 15 months
- Bitcoin has declined over 42% from its peak in October 2024
- Wider market sell-off drove Bitcoin's recent price pressure on Wednesday
Bitcoin briefly slumped below $72,000, a level last seen 15 months ago, as a broad risk-off move engulfed global markets.
The world's largest cryptocurrency is extending a downward spiral that has seen it shed more than 42% from its peak in October last year. Bitcoin fell as low as $71,540 in Asia trading on Thursday. That's the weakest level since Nov. 6, 2024, the day after Donald Trump was re-elected US president. It had dipped to $71,739 late Wednesday in New York.
"The market is currently navigating a ‘crisis of faith,'” said Shiliang Tang, managing partner of Monarq Asset Management.
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Photo Credit: (Photo: Bloomberg)
While earlier legs of the decline were driven by crypto-specific liquidations, the Wednesday pressure is tied to wider cross-asset stress.
Markets entered a period of synchronised selling Wednesday, with the Nasdaq 100 down more than 2% and losses spreading across software, chipmakers, and other rate-sensitive corners of the equity market.
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“Crypto sentiment is currently in extreme fear as the market has been routed over the last week,” said Andrew Tu, head of business development at crypto market maker Efficient Frontier. “If $72,000 doesn't hold for Bitcoin, it's highly likely we will visit $68,000 and potentially even decline back down to the lows of 2024 after the initial rally.”
Flows to US-listed Bitcoin exchange-traded funds remain choppy. After seeing about $562 million in net inflows on Monday, investors pulled out $272 million from the group on Tuesday, according to data compiled by Bloomberg.
Skepticism about Bitcoin's role as a safe haven during market stress is growing. The token is now down about 17% this year, and the broader crypto market has lost over $460 billion in value in the past week.
ALSO READ: Bitcoin Extends Four-Month Slide Despite 'Pro-Crypto' White House, Down 40% From Record-High
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