It’s official: Bitcoin, as well as other cryptocurrency markets, are crashing.
On Thursday, Bitcoin plummeted below $68,000, blowing past a key level that crypto investors were hoping to hold. Bitcoin is now trading at its lowest prices since November 2024, essentially erasing all gains made in more than a year.
Other popular cryptocurrencies like Ether and Solana are also down. Solana, for example, has currently hit a two-year low.
Bitcoin and other altcoins began experiencing a noticeable downturn in the market late last week. Crypto analysts provided key market levels for Bitcoin to hold in order to avoid the worst. Some analysts said holding at $80,000 would be key while others said $70,000. Falling below those levels, analysts said, could drive further decline as investors look to sell off their holdings.
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Bitcoin has now fallen below both key levels. Now, some analysts are saying that Bitcoin could land in the $60,000 to $65,000 range while others are forecasting potential further drops landing the cryptocurrency at $40,000.
The downturn isn’t unique to crypto, as stocks especially in the tech sector are currently dropping, but cryptocurrency is experiencing the worst of it. As a highly volatile and still largely unproven asset class, crypto is among the first investments to go in a sell-off from institutional investors.
According to a report from CryptoQuant, institutional firms that were buying up tens of thousands of Bitcoin just last year are now net sellers this year.
Social media users are noticing that other whales are also selling off, which further tanks the price of Bitcoin. World Liberty Financial, the crypto company owned by the Trump family, liquidated more than $5 million of its Bitcoin holdings on Thursday.
Topics
Bitcoin
Cryptocurrency
