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Bitcoin briefly dropped below $72,000, hitting levels not seen in over a year, as global markets experienced a widespread risk-off wave.
The world’s largest cryptocurrency has been on a steep decline, losing more than 42% of its value since its October peak. During Thursday’s Asian trading session, Bitcoin fell as low as $71,540, its lowest point since early November 2024. In New York the previous day, it had already dipped to $71,739.
Market experts describe the current situation as a “crisis of confidence.” Shiliang Tang, managing partner at Monarq Asset Management, noted that investor sentiment is fragile amid ongoing volatility.
While previous declines were largely driven by crypto-specific liquidations, recent losses are linked to broader market stress. Wednesday saw synchronized selling across global equities, with the Nasdaq 100 dropping over 2% and pressure spreading to software, semiconductor, and other rate-sensitive sectors.
Andrew Tu, head of business development at crypto market maker Efficient Frontier, commented: “Investor sentiment in crypto is extremely fearful right now. If Bitcoin fails to hold $72,000, it could slide to $68,000 or even revisit 2024 lows.”
Bitcoin-focused ETFs listed in the U.S. have seen fluctuating flows. After net inflows of roughly $562 million on Monday, investors withdrew $272 million on Tuesday, according to Bloomberg data.
Concerns about Bitcoin’s reliability as a safe haven are growing. The cryptocurrency has fallen about 17% so far this year, and the broader digital asset market has lost more than $460 billion in value over the past week.
