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Bitcoin Returned to the $60,000 Level After Setting a New All-Time High
Since reaching a peak of $4.3 trillion in early October, the cryptocurrency market has lost about $2 trillion, with more than $1 trillion erased in the past month alone. The market capitalization of the leading cryptocurrency now stands at $2.2 trillion. Ether fell to a 10-month low of $1,751 before recovering to $1,927. Solana saw a sharp decline, dropping 11.1% to $80. Bitcoin Cash fell 10.6% to $465, while BNB decreased 8.6% to $630.
Bitcoin has dropped nearly 50% from its all-time high, erasing all gains achieved during Donald Trump’s second presidential term. A month before Trump’s election victory in the U.S., following his statements about supporting cryptocurrency development, Bitcoin was trading around $60,000. Many investors were optimistic, believing that crypto-friendly policies would drive market growth.
Joshua Chu, Co-Chair of the Hong Kong Web3 Association, suggested that trader sentiment may have worsened due to the recent sell-off in stocks and precious metals. Gold and silver became more volatile as a result of leveraged buying.
“Bitcoin’s return to the $60,000 mark is not the death of cryptocurrencies; it is a reckoning for treasuries and funds that relied entirely on Bitcoin without proper risk management. Similarly, we are seeing a sharp correction in so-called safe-haven assets like gold and silver. Those who made oversized bets on them and believed prices would only rise have now learned firsthand what real market volatility and risk management mean,” Chu said.
Recently, Scion Capital founder Michael Burry warned that a sustained decline in Bitcoin could trigger a “death spiral” capable of devaluing not only altcoins but also precious metals.
See also: "Bitcoin Rises from a 16-Month Low but Heads for Weekly Loss"
