Bitcoin Plummets to 15-Month Low as Crypto, Stock Prices Tumble
Bitcoin has dropped over 15% in the past week, hitting a 15-month low of $73,111 before rebounding to $74,744, still down over 4% for the day. This decline parallels losses in broader markets, with the S&P 500 and Nasdaq Composite down 1.41% and 2.22%, respectively, driven partly by sharp drops in tech stocks such as PayPal. Crypto-related equities, including Coinbase, Strategy, and BitMine Immersion Technologies, have also fallen more than 7% each. Ethereum and Solana have performed worse than Bitcoin, plunging 9.6% and 7.1% in 24 hours and now sitting 57% and 67% below their all-time highs. Over $659 million in crypto positions have been liquidated in the past day, with Bitcoin accounting for $234 million in long liquidations. Analysts warn of further downside for Bitcoin, citing structural weakness and lack of positive catalysts, with potential declines toward its 200-week moving average of $58,000. Meanwhile, gold has surged to new highs, contrary to Bitcoin’s “debasement trade” narrative. Prediction markets have shifted from expecting a Bitcoin rally to favoring a drop to $69,000.
