Bitcoin hit a 16-month low and the critical $60,000 support on Friday, as a global selloff in technology stocks intensified and wiped out risky bets across asset classes.
The largest cryptocurrency in the world was previously trading up 1.64 percent at $64,153.24 in volatile trade, going up and down both ways after it hit a low of $60,008.52 earlier in the session.
That marked its weakest since October 2024, a month before Donald Trump won the U.S. presidential election, indicating support for crypto on the campaign trail.
Chris Weston, Head of Research at Brokerage Pepperstone in Melbourne, said, “Bitcoin’s been going down since October (2025), maybe you could ask if it was the canary in the coalmine, or a coincidence.”
He added, “A lot of these big crowded positions are being unwound very, very quickly.” Ether surged up to 2.4 percent at $1,891.27, while it slid to a 10-month low of $1,751.94 earlier in the session.
CoinGecko data indicated that the global crypto market has fallen by more than $2 trillion dollars since it reached a high of $4.379 trillion in early October, and that over $1 trillion in value has been lost in the past month alone.
Bitcoin was headed to lose 16 percent in the week, pushing its year-to-date loss to 27 percent. Meanwhile, ether was projected to fall to a 17 percent weekly decrease, with it already having lost 36 percent this year.
However, sentiment on crypto was impacted by the latest selling in precious metals and stocks. Gold and silver, for instance, have become more volatile as a result of leveraged buying and speculative flows.
The fortunes of Bitcoin have long been linked to the overall tech industry. The price was inclined to increase, especially following investor excitement around artificial intelligence.
Joshua Chu, Co-chair of the Hong Kong Web3 Association, stated, “Bitcoin drifting back toward $60,000 is not crypto dying, it is the bill coming due for Treasuries and funds that treated bitcoin as a one-way asset without real risk controls, just as we have seen sharp corrections in self-proclaimed safe-haven assets like gold and silver when leverage and narrative ran ahead of reality.”
He added, “Those who bet too big, borrowed too much, or assumed prices only go up are now finding out the hard way what real market volatility and risk management look like.”
Indeed, the cryptocurrencies have been grappling with months of decline since a historic crash in October last year dropped bitcoin off a cliff. That has led to the chilling of investor sentiment on digital assets.
Deutsche Bank analysts reported in a note that U.S. spot bitcoin ETFs experienced outflows of over $3 billion in January, after outflows of approximately $2 billion and $7 billion in December and November, respectively.
