Confidence in cryptocurrencies, including Bitcoin, has collapsed as prices slump across the market. Bitcoin has fallen below $66,000, and Ripple has dropped more than 17%. As of 3:30 a.m. on the 6th, CoinMarketCap showed Bitcoin at $66,967, down 9.07% in 24 hours, breaching the $66,000 level, the lowest since October 2024. Ethereum is trading at about $1,952, down 5.89%.
Binance Coin fell 7.78% to $653, while Ripple dropped 17.44% to $1.24. Bitcoin has wiped out the gains since President Trump’s election and is roughly 50% below its October peak. This year, as geopolitical tensions push gold higher and international funds move into gold and silver markets, cryptocurrencies began a broad slide. This episode has shown that Bitcoin, once marketed as an inflation hedge and a stable store of value competing with gold and the dollar, cannot serve as a safe haven in a financial crisis and is simply a high-risk asset.
Subsequently, a credibility crisis surrounding Bitcoin itself led to large outflows. Bloomberg data show about $2 billion flowed out of Bitcoin ETFs in the last month, and more than $5 billion over the past three months. Chris Newhouse, Ergonia’s chief business development officer, told Bloomberg that fear and uncertainty are evident across markets and that confidence in Bitcoin and other cryptocurrencies is eroding.
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