Bitcoin slid to its lowest value since October 2024 on Friday, testing support at the $60,000 mark amid intensifying declines in technology shares. The fall triggered broad selling across digital assets, drawing investor attention to shifting risk appetites.
At the time of 2.33 p.m. Bangkok time, Bitcoin is trading at around $65,073 (approximately 7.95% decline), bouncing back from the $60,008.52 seen earlier in the session.
The cryptocurrency’s decline comes on the heels of a widespread pullback in technology stocks, which has prompted liquidation of higher-risk positions in multiple asset classes. According to CoinGecko data, the global crypto market has seen roughly $2 trillion in losses from a record $4.379 trillion reached in early October, including more than $1 trillion shed within the last month.
Bitcoin, which experienced a notable upswing last year as Donald Trump announced policies supportive of cryptocurrencies during his presidential campaign, has fallen nearly 40% in the past twelve months. In contrast, gold futures have climbed 61% over the same timeframe.
Despite ongoing narratives positioning bitcoin as a safeguard against inflation and economic volatility, recent price action indicates that its performance has increasingly tracked risk-sensitive assets like equities, especially during geopolitical and economic uncertainty in regions such as Venezuela, the Middle East, and Europe. Bitcoin has also seen limited adoption for everyday transactions, contributing to recent sentiment shifts among investors.
Other major cryptocurrencies have experienced heavy declines as well. Ether has dropped 33% this week, while Solana hit a two-year low on Thursday, marking an almost 40% weekly loss.
Bitcoin’s price movements remain closely aligned with trends in the broader technology sector, previously benefiting from investor optimism around developments in artificial intelligence.
Markets will be monitoring whether bitcoin can maintain support at current levels after widespread selloffs in tech stocks and continued outflows from risky assets.
