Bitcoin slips below $92,000, erasing more than 25% of its value since October’s peak as risk-off sentiment spreads across markets.
Bitcoin, the world’s first, largest, and most expensive cryptocurrency, has slid below $92,000 (€79,000) a coin, wiping more than 25% off its value since it hit record highs above $126,000 (€108,700) last month.
The dramatic decline is almost a textbook example of what it looks like to enter a bear market, a term used when an asset falls sharply.
Within the past 24 hours, Bitcoin traded as low as $89,471 (€77,210) or almost 30% below its late October peak, with the market recovering slightly in early trading on Tuesday.
Despite a blistering rally into early October, all of Bitcoin’s gains this year have been erased and it is now trading below where it started in January.
The fall comes despite the presence of a crypto-friendly president in the White House, a less enforcement-minded chair at the Securities and Exchange Commission, and a new stablecoin — crypto tied to currency — legislation on the books.
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