Bitcoin briefly plunged to $72,100 today – its lowest level since 2024 – before rebounding slightly. As of now, the flagship cryptocurrency remains under pressure, trading below $73,000 and continuing a brutal multi-day slide that has erased billions in market value.
Ethereum is down nearly 30% in just a week and is now clinging to the $2,100 level. Solana, meanwhile, has broken below $100 and now trades at $90. The total crypto market cap has slipped to $2.46 trillion, dropping below the psychologically important $2.5 trillion threshold for the first time this year.
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Investors Are Scared
Sentiment is in full retreat, with major fear indicators flashing Extreme Fear. Liquidations surged across the board, with nearly $880 million in leveraged positions wiped out in the past 24 hours, further fueling the volatility. Despite reassurances from long-term holders like MicroStrategy, whose unrealized Bitcoin gains have flipped to paper losses, the market remains fragile.
Read also: How To Use Crypto Fear and Greed Index To Your Advantage?
What’s Going On?
Bitcoin’s decline today is tied to broader tech market turmoil. A sharp selloff in U.S. software stocks – driven by fears of AI disruption and fallout from Anthropic’s new automation tools – is dragging down correlated assets. Some analysts note Bitcoin’s growing correlation with software ETFs, suggesting it’s being viewed by many as another tech risk asset.
Adding to the uncertainty, U.S. Treasury Secretary Scott Bessent shot down any suggestion of a crypto bailout during a heated exchange with lawmakers, while also revealing that seized Bitcoin held by the government has appreciated dramatically – now worth over $15 billion.
