Crypto Crash Deepens as Bitcoin Plunges More Than One-Third From Its October High

Bitcoin Tumbles as Crypto Market Loses $400B in Major Sell-Off

The cryptocurrency market suffered a sharp downturn Friday morning, with Bitcoin leading a widespread sell-off that has rattled investors and reignited questions about crypto’s long-term stability.

Why it matters:
The rapid decline has swept across nearly every corner of the digital asset market, sparking renewed debate over whether cryptocurrencies can maintain value during periods of broader financial stress.

By the numbers:

Bitcoin dropped to $81,919 early Friday, according to CoinGecko — a more than 10% slide in 24 hours and its lowest price since April.
The world’s largest cryptocurrency had previously surged to an all-time high above $126,000 in early October.
Bloomberg reports Bitcoin is now on pace for its worst monthly performance since June 2022, a notoriously painful period for the crypto industry.

Zoom out:
The downturn isn’t limited to Bitcoin. Nearly all major cryptocurrencies are experiencing steep declines.

Over the past week, the global crypto market cap has shed nearly $400 billion, falling to about $3 trillion, per CoinGecko data.

What we’re watching:
Analysts say it’s unclear where the sell-off will bottom out.

Bob Elliott, CEO of Unlimited Funds, noted that Bitcoin’s decline mirrors recent weakness in equity markets, but with “much more extreme” volatility.