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Bitcoin fell to its lowest level since November, dropping 7% to $78,273. The decline comes amid a broader sell-off in tech stocks and growing uncertainty around U.S. crypto regulations. Over the past week, Bitcoin has lost 16%, marking its biggest weekly drop since FTX collapsed in 2022. The broader crypto market has shed nearly half a trillion dollars, according to CoinGecko.
The recent hack of Bybit, where hackers stole $1.5 billion worth of Ether, has added to investor concerns. Meanwhile, U.S. policy uncertainty, inflation worries, and new tariffs have pressured the market further. City Index analyst Matt Simpson noted that Bitcoin traders are frustrated with the lack of regulatory clarity.
Bitcoin typically moves with tech stocks, and the Nasdaq Composite is also at its lowest since November. AI stocks like @Nvidia have also seen sharp declines.
Crypto-focused investors are pulling out of U.S.-listed Bitcoin ETFs, with $2.27 billion in outflows this week. Bank of America analysts believe the crypto hype cycle may be fading, with Bitcoin struggling to stay above key price levels. Investors remain cautious as macroeconomic concerns continue to weigh on the market.
