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Bitcoin extended its sharp decline Thursday as selling pressure intensified across digital asset markets, dragging the world's largest cryptocurrency below a closely watched support zone. The move mirrors broader risk-off sentiment in global markets, where U.S. equities slid amid disappointing earnings and growing macroeconomic uncertainty.
At the time of writing, bitcoin was trading near $67,000, down nearly 8% on the session and marking its weakest level since November 2024. The latest leg lower has erased hundreds of billions in market value, with total crypto capitalization down more than $1 trillion over the past three weeks.
Market participants point to a mix of profit-taking, tighter financial conditions, and waning speculative appetite as key drivers of the selloff. Analysts warn that a sustained break below $70,000 could open the door to deeper losses, with some flagging the $60,000–$65,000 range as the next potential testing ground.
Confidence in bitcoin's long-promoted role as "digital gold" has also taken a hit. Rather than acting as a hedge during periods of stress, the token has largely moved in lockstep with risk-on assets, underperforming traditional safe havens like gold, which has surged over the past year.
Losses are not limited to bitcoin. Ether has suffered one of its worst weeks since 2022, while Solana and XRP have also slid sharply. Forced liquidations continue to weigh on prices, with billions of dollars in leveraged positions wiped out as volatility spikes.
Adding to the pressure, data suggests institutional demand has cooled materially. Bitcoin-backed exchange-traded funds, once steady buyers, have turned into net sellers this year, reinforcing the cautious tone gripping the market. Until sentiment stabilizes and liquidity conditions improve, traders remain braced for continued turbulence in the crypto space.
Popular crypto assets include Bitcoin (BTC-USD), Ethereum (ETH-USD), Ripple (XRP-USD), and Solana (SOL-USD). Bitcoin-linked ETFs such as IBIT, ARKB, GBTC, FBTC, and BITB remain closely watched amid the ongoing drawdown.
