Bitcoin slipped below $70,000, wiping out gains from after Trump’s November 2024 election. Over the past week, Bitcoin has fallen about 16.5%, with Ether, BNB, and Solana recording larger declines. The move came amid a panic sell-off, heavy liquidations, and broad deleveraging across the crypto market.
Bitcoin has recovered from a low near $60,000 to around $69,000, having effectively given back the gains it made after Donald Trump’s November 2024 election this week. Across the space, Ether fell 22.4%, BNB dropped 23.4%, and Solana declined 25.2%. Bitcoin’s price move accompanied a wider market downturn; the CoinDesk 20 index fell more than 17% over the week.
In crypto options, implied volatility jumped into the 99th percentile, with skew tilting toward expensive puts. Bitcoin positioning suggested continued turbulence within a wide range, roughly between $55,000 and $75,000.
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