Bitcoin plunged sharply on Thursday, sliding below the $70,000 threshold as investor sentiment weakened across global markets. The decline accelerated amid rising volatility in precious metals and a broad selloff in technology stocks, which together pressured risk-sensitive assets. As a result, the world’s largest cryptocurrency fell to a low of $66,675, marking its weakest level since October 2024. That period came just weeks before Donald Trump secured victory in the US presidential election. Bitcoin later trimmed some losses but still traded nearly 6.5 percent lower around $67,800.
Meanwhile, the broader cryptocurrency market faced heavy damage during the ongoing selloff. Total market value has dropped by nearly $2 trillion since peaking in early October. Notably, around $800 billion was erased in the past month alone, reflecting sustained liquidation pressure. Bitcoin has now fallen 11 percent this week, pushing its year-to-date losses to approximately 23 percent. This sustained decline has raised concerns about market stability in the near term.
At the same time, Ether recorded steeper losses as selling intensified across major tokens. The second-largest cryptocurrency declined more than 7 percent to trade near $1,970. Moreover, Ether has fallen nearly 14 percent this week alone. Its total losses for the year have now reached roughly 34 percent. These sharp declines highlight the broader weakness affecting digital assets.
Investor sentiment deteriorated further as instability spread across multiple asset classes. Gold and silver prices became increasingly volatile due to leveraged positions and speculative trading flows. Consequently, silver dropped by more than 16 percent during the session. This turbulence spilled into cryptocurrency markets, accelerating forced selling and margin liquidations. Analysts believe traders are reducing exposure amid persistent uncertainty and tightening financial conditions.
Market observers describe the current phase as a deeper reset rather than a short-lived correction. They argue that previous market cycles suggest prolonged consolidation periods. Therefore, recovery may take several months instead of weeks. Political developments in the United States also weighed on sentiment. Trump’s reported selection for the next Federal Reserve chair unsettled investors. Fears of a more aggressive monetary stance increased pressure on risk assets.
Consequently, expectations of balance sheet tightening triggered renewed selling across cryptocurrencies. Digital assets reacted sharply due to their sensitivity to liquidity conditions. The combined impact of policy uncertainty, global volatility, and declining risk appetite continues to weigh heavily on prices. For now, traders remain cautious as markets search for clearer direction.
