Bitcoin crash has sent shockwaves through the market, experiencing its biggest weekly drop in over two years! π The sudden decline in BTCβs price coincided with a sell-off in tech stocks and uncertainty around U.S. crypto policy. Can Bitcoin recover, or is this the start of a prolonged downturn? π€
β Bitcoin crashed 7% on Friday, hitting $78,273 β its lowest since November 10.
β A 16% weekly decline marks the biggest drop since the collapse of FTX in November 2022.
β The total cryptocurrency market cap has shed nearly $500 billion in the past week (source: CoinGecko).
β Bitcoin has since rebounded to nearly $85,000, showing resilience despite recent volatility. π
The Trump administration, initially seen as crypto-friendly, has yet to take significant steps toward deregulating the industry. This has left investors wary about the sectorβs future. π
Bitcoin often moves in tandem with tech stocks. The Nasdaq (.IXIC) is at its lowest level since November, impacting investor sentiment in the crypto space. π
Trumpβs newly imposed tariffs and rising inflation are driving investors away from risky assets. While Bitcoin is often called „digital gold,” it behaves more like a speculative asset. π
Last weekβs Bybit hack, where hackers stole $1.5 billion worth of Ethereum, added to the marketβs negative sentiment. π‘οΈ
U.S.-listed Bitcoin ETFs have seen $2.27 billion in outflows this week. Bank of America analysts noted that BTCβs failure to break above $97,000 since November signals a potential „crypto bubble burst.” π
Despite the dramatic situation, all is not lost. Crypto markets are cyclical, and similar downturns have happened before. The key level to watch is $75,000-$78,000 as support. π
Bitcoin is facing a tough phase, but this isn’t the end of its story. Political uncertainty, a tech stock downturn, and the Bybit hack have shaken the market. However, long-term investors know that volatility is part of the game. Bitcoinβs recent rebound to nearly $85,000 signals that the market is still highly dynamic. Will we see Bitcoin reclaim $90,000? Time will tell! π
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