The Currency analytics
By Julie Binoche
Bitcoin got hammered Thursday morning. The crypto king dropped 9% in 24 hours during Asian trading, briefly touching $69,031 before trying to find some footing in what traders…
The drop wiped out Bitcoin's gains from its 2021 peak of $69,000, and things look pretty grim for crypto holders right now.
Silver plunged 17% while gold dropped over 3%, showing that traders are basically dumping anything risky they can get their hands on.
Institutional money is fleeing Bitcoin too, which makes the situation even messier. U.S.-listed Bitcoin ETFs saw $545 million in withdrawals Wednesday, marking the second…
Bitcoin's price sits about 20% lower for the year and 45% below its peak near $126,000 last October.
Market watchers say the pattern of declining highs and lows points to ongoing distribution rather than panic selling from retail traders.
All eyes are on MicroStrategy now as the biggest corporate Bitcoin holder prepares to drop its fourth-quarter earnings.
But MicroStrategy Chairman Michael Saylor isn't backing down. The company just grabbed 855 BTC for about $75.3 million, paying an average of $87,974 per Bitcoin.
Bitcoin miners are getting squeezed hard. With Bitcoin near $71,000 and production costs estimated around $87,000, margins are basically gone.
U.S. Treasury Secretary Scott Bessent told the House Financial Services Committee that the government can't support Bitcoin directly or tell banks to buy it.
Bitcoin's market cap fell to $1.39 trillion with trading volumes hitting $101 billion as it hovers near weekly lows.
Tesla's crypto position is getting attention too since the company bought $1.5 billion worth of Bitcoin in early 2021.
The cryptocurrency selloff is spreading beyond Bitcoin to smaller digital assets, with Ethereum down 12% and Solana falling 15% in the same 24-hour period.
Several Wall Street analysts are now questioning whether Bitcoin can hold the psychologically important $70,000 level.