Bitcoin's price has fallen below $65,000 as the unwinding of leveraged bets and broader market turbulence deepened a sell-off that erased all gains since the election of President Donald Trump, which sparked speculative excitement in cryptocurrencies, UNN reports with reference to Bloomberg.
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On Thursday, the token fell by as much as 11% to $64,944, its lowest level since October 2024. The collapse wiped out almost half of Bitcoin's value since reaching a record four months ago and spread to other tokens, ETF-related assets, and companies like Strategy Inc., which hold vast amounts of coins.
The downturn marked a sharp retreat from Bitcoin's meteoric rise for much of the past year, when the return of a crypto-friendly Republican to the White House prompted investors to pile into such tokens and the Wall Street instruments that emerged around them. The market began to crack this month as rising geopolitical tensions led to turmoil in global financial markets and limited risk-taking. This caused a sharp decline in Bitcoin since mid-January and triggered a self-reinforcing selling cycle as funds liquidated assets to meet redemption obligations and unwind leveraged bets.
Bitcoin plummets below $70,000, erasing gains since Trump's victory05.02.26, 16:29