Crypto markets continue to face heavy losses, with Bitcoin falling below $75,000 for the first time in nearly a year and Ethereum dipping under $2,200.
Crypto’s Sharp Decline
Bitcoin traded above $90,000 just days ago, testing that level before the first FOMC meeting of the year. After failing to hold, possibly due to the Fed pausing rate cuts or rising geopolitical tensions, BTC dropped to $81,000, briefly rebounded to $84,000, and then fell below $76,000. By Monday, it hit a multi-month low of $74,400, losing over $15,000 in under a week and almost $10,000 in just 36 hours. Altcoins mirrored Bitcoin’s losses, with the total crypto market cap shedding $500 billion since Wednesday. Weekend liquidations hit more than $2.5 billion, with an additional $800 million lost in the past 24 hours.
Gold and Silver Take an Even Bigger Hit
Despite Bitcoin’s volatility, broader markets have also been unstable. Gold and silver, traditionally safe-haven assets, collapsed over the past few days. Silver dropped from over $121 to $70.5, while gold fell from $5,600 to $4,400, wiping out roughly $10 trillion in combined market value.
Perspective: Early in the Game
Even with crypto’s steep losses, precious metals still show much larger swings. Silver alone remains bigger than the combined market caps of Bitcoin and altcoins, and gold’s market cap exceeds crypto by more than ten times. This reinforces the idea that, despite recent declines, the crypto market may still be in its early stages.
