big number
Nearly 54%. That’s how much bitcoin’s price has declined since hitting a record high of just over $126,000 in October to its intraday low on Thursday. Since then, the global crypto market’s aggregate market value has plummeted about $2.2 trillion, falling from $4.28 trillion to $2 trillion as of Thursday, according to CoinMarketCap. Bitcoin accounts for roughly 58% of the global crypto market.
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tangent
The Dow Jones Industrial Average rose by more than 700 points, or 1.3%, and the S&P 500 advanced 0.4% as of Thursday morning. The Nasdaq lowered 0.3%, despite Micron surging 11% following its record-setting earnings report on Wednesday, as Apple (down 4.9%) weighed on the index after announcing broader increases for its products.
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key background
Bitcoin, like other cryptocurrencies, accelerated to record highs last year amid broader optimism for pro-crypto legislation under President Donald Trump. The world’s leading cryptocurrency has since dropped below its 200-week moving average, signaling a bear market for bitcoin, as more investors appear to hold bearish positions. Robert Mitchnick, BlackRock’s head of digital assets, said booming interest in AI has driven capital away from bitcoin, noting it was a “tough stretch” for the cryptocurrency since its October peak as “the AI momentum is certainly suckling a lot of the oxygen out of the room.”
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further reading
ForbesBitcoin Falls Below $60,000—Erasing Trump-Fueled RallyBy Ty Roush