Crypto Market Loses $600 Billion Amid Sudden Bitcoin Price Drop
The price of Bitcoin has fallen below $105,000 for the first time since June, sparking renewed concerns among traders that a deeper correction may be ahead. The broader crypto market has lost nearly $600 billion in value over the past week, reflecting growing uncertainty and profit-taking after months of strong gains.
The drop comes just weeks after Bitcoin hit a new all-time high of around $126,000 earlier this month. Now, with Tesla CEO Elon Musk breaking his silence on Bitcoin, market participants are closely watching to see how his comments—and shifting global sentiment—might influence prices in the days ahead.
Kazakhstan’s debut of the Yuan stable-coin reflects China’s block-chain strategy
Lark Davis, author of the Wealth Mastery newsletter, said that some market analysts are concerned Bitcoin’s price could decline further, potentially dropping to around $90,000 or even $80,000 if current selling pressure continues.
The recent sell-off follows last week’s flash crash, which was triggered by renewed worries that U.S. President Donald Trump might restart the trade war with China. This uncertainty has made investors more cautious, leading many to move away from riskier assets like cryptocurrencies and contributing to the latest wave of crypto market volatility.
Crypto Market Extends Losses, Drops to $3.57 Trillion
The global crypto market continued to slide on Friday, falling 5% in the past 24 hours to a total value of $3.57 trillion, according to Alex Kuptsikevich, Chief Market Analyst at FxPro.
“This latest decline seems more like a reflex reaction to last week’s events,” Kuptsikevich explained in an emailed comment. “However, this pattern is even more concerning—it’s not just a light dip in a weak market, but a broad sell-off as investors search for a new bottom. We’re closely watching the 200-day moving average near $3.5 trillion, which could either spark a sharp rebound by late June or signal a further drop if weakness continues into March.”
Bitcoin Slips as Gold Hits Record Highs, Renewing “Digital Gold” Debate
The price of Bitcoin has declined while gold has surged to fresh all-time highs, raising questions about Bitcoin’s long-held reputation as “digital gold.”
According to investor and gold advocate Peter Schiff, Bitcoin has lost around 32% of its value against gold since reaching its August peak. In a post on X (formerly Twitter), Schiff commented:
“This Bitcoin bear market will be tough. HODLers should contemplate selling their investment and investing in the real asset.
Despite the recent drop, Bitcoin has still soared over the past year, supported by growing optimism in the U.S. market. The rise was fueled by President Donald Trump’s pro-crypto stance, strong institutional demand for Bitcoin exchange-traded funds (ETFs), and investors turning to Bitcoin as a hedge against currency debasement and a weakening U.S. dollar.
