Bitcoin nears $60,000 as investors pull back from riskier assets, with the world’s largest cryptocurrency coming under renewed pressure amid a broad global selloff in technology stocks. The sharp downturn in equities has rippled across markets, prompting traders to unwind high-risk positions and reassess exposure to speculative assets.
On Friday, bitcoin briefly slipped to around $60,000, marking its weakest level in roughly 16 months, before rebounding in choppy trading. It was last seen up about 1.6% at $64,153, after swinging between gains and losses throughout the session. The earlier dip underscored how fragile sentiment has become as volatility sweeps across asset classes.
The latest slide pushed bitcoin to its lowest point since October 2024, shortly before Donald Trump won the U.S. presidential election after publicly signaling support for cryptocurrencies during his campaign. Since then, enthusiasm that once powered prices higher has steadily cooled.
“Bitcoin’s been drifting lower since October, which raises the question of whether it was a warning sign for broader markets or just a coincidence,” said Chris Weston, head of research at brokerage Pepperstone in Melbourne. “A lot of these crowded trades are being unwound very quickly.”
Other major digital assets were also caught in the downdraft. Ether climbed about 2.4% to $1,891, but only after tumbling earlier in the day to a 10-month low near $1,752. Across the sector, losses have piled up at an alarming pace. Data from CoinGecko shows the global crypto market has shed roughly $2 trillion in value since peaking at $4.379 trillion in early October, with more than $1 trillion erased in the past month alone.
On a weekly basis, bitcoin was on track for a drop of about 16%, taking its year-to-date decline to roughly 27%. Ether faced an even steeper slide, heading toward a 17% weekly loss and down around 36% so far this year.
Market watchers say the pressure on cryptocurrencies reflects broader risk aversion. Recent selling in stocks and precious metals has dented confidence, with gold and silver becoming increasingly volatile amid leveraged bets and speculative flows. Bitcoin, often treated as a high-beta tech proxy, has been closely linked to the broader technology sector, particularly during rallies fueled by optimism around artificial intelligence.
“Bitcoin drifting back toward $60,000 doesn’t mean crypto is finished,” said Joshua Chu, co-chair of the Hong Kong Web3 Association. “It’s the cost of treating bitcoin like a one-way trade without proper risk controls—similar to what we’ve seen in so-called safe havens like gold and silver when leverage and narratives outpaced reality.”
Still, the sector has been struggling for months following a sharp market shock last October that sent bitcoin tumbling from record highs and dampened investor enthusiasm. That cooling sentiment has been reflected in investment flows as well. Analysts at Deutsche Bank noted that U.S. spot bitcoin exchange-traded funds recorded outflows of more than $3 billion in January, following withdrawals of about $2 billion in December and $7 billion in November.
For now, traders remain on edge, watching whether bitcoin can hold the psychologically important $60,000 level—or whether further turbulence lies ahead as investors continue to retreat from risk.
