The world’s largest cryptocurrency traded 2.8% lower at $75,091, after reaching as low as $73,004.3 – levels not seen since November 2024
Bitcoin continued to hover above 15-month lows on Wednesday after a sharp sell-off pushed the world’s largest cryptocurrency to lows near $73,000 amid wave of liquidations and broader risk aversion.
The world’s largest cryptocurrency last traded 2.8% lower at $75,091 14:55 GMT, after reaching as low as $73,004.3 – levels not seen since November 2024.
With the weekend’s decline, Bitcoin dropped around 12% last week, after coming from a 10% loss in the week before that.
The decline marked the lowest level since U.S. President Donald Trump’s election victory, erasing gains that had been fuelled by optimism over potential regulatory easing for the crypto sector.
The decline was accompanied by large-scale liquidations of leveraged long positions. Data from crypto analytics firm CoinGlass showed that around $740 million worth of bullish bets were wiped out over the past 24 hours, as falling prices triggered margin calls and forced traders to unwind positions.
Bitcoin’s weakness marks a sharp reversal from the rally seen late last year, when the token surged following Donald Trump’s election victory.
At the time, U.S. investors had piled into cryptocurrencies on expectations that a new administration could bring a more favourable regulatory stance toward digital assets. Bitcoin had also drawn support from central bank interest rate cuts beginning in December 2024, which boosted appetite for riskier assets.
Gold and other traditional safe-haven assets rebounded on Wednesday amid rising geopolitical tensions between Iran and US.
Cryptocurrency markets are also grappling with uncertainty around U.S. monetary policy after the country’s president nominated former central bank governor Kevin Warsh as the next bank chair.
Warsh is widely viewed as hawkish, prompting liquidity concerns.
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