Bitcoin has crashed by almost 30% since October, market lost over $1 trillion - FT

The price of Bitcoin reached $89,500 and fell to its lowest level since April 2025, while the total market value of over 18,000 coins tracked by CoinGecko fell by 25%, "destroying" about $1.2 trillion, UNN reports with reference to the Financial Times.

Details

Over the past six weeks, the cryptocurrency market has "lost" over $1 trillion. Among the reasons are fears about overvalued technology and the dynamics of interest rates in the US, which caused a sell-off of speculative assets.

The price of Bitcoin fell by more than 28% to $89,500 during the same period, leaving the world's largest cryptocurrency at its lowest level since April and unchanged for the year.

The total market value of over 18,000 coins tracked by data provider CoinGecko has fallen by 25% since reaching its market peak on October 6, resulting in a loss of approximately $1.2 trillion of their combined capitalization.

Thus, despite President Donald Trump's promises to make the US a global "Bitcoin superpower," in reality, there is a general reversal in the cryptocurrency sector, accompanied by a fall in the digital asset market.

Asian markets fell on Tuesday after a decline in the US the day before. Hong Kong's Hang Seng Index closed 1.7% lower, Japan's Nikkei 225, which includes technology stocks, fell 3.2%, and South Korea's Kospi fell 3.3%.

The decline is a reversal for a sector that previously soared to record highs and the appointment of a pro-cryptocurrency chairman of the Securities and Exchange Commission, the chief Wall Street regulator.

Despite all the institutional adoption and positive regulatory momentum, the growth of the crypto market for the year has already been nullified.

Concerns were also heightened by new doubts about whether the Federal Reserve (Fed) would cut interest rates at its December 2025 meeting. The benchmark S&P 500 was affected by approximately 3% due to skepticism about the Fed's December cut. The situation affects the exorbitant valuations associated with Silicon Valley technology companies, which are currently at the forefront of the artificial intelligence investment boom.

Recall

Bitcoin fell by 2.4% during Asian trading, dropping below $90,000, deepening its monthly decline. This decline wiped out all of the cryptocurrency's gains in 2025 and affected sentiment in the digital asset market.