Market risk aversion has pulled Bitcoin down to around $72,000
Amid increasing risk aversion in global markets, Bitcoin’s price briefly fell to about $72,000, a level last seen approximately 15 months ago.
The world’s largest cryptocurrency continues its downward trend, losing over 40% of its value since its peak recorded in October last year. On Wednesday, Bitcoin dropped by more than 5% to around $72,000, its weakest level since early November 2024.
Analysts say the market is undergoing a crisis of confidence. Although initial declines were influenced by liquidations within the cryptocurrency market, recent pressure is tied to broader tensions in financial markets.
On the same day, coordinated selling also intensified in the stock market. The Nasdaq 100 index fell by more than 2%, and the decline in prices spread to software companies and chip manufacturers. According to market participants, Bitcoin has recently been behaving in line with stock indices, especially Nasdaq.
Simultaneously, capital flows in Bitcoin exchange-traded funds have been volatile. After significant capital inflow at the beginning of the week, some of this capital exited the market the following day.
These developments have once again raised doubts about Bitcoin’s role as a safe haven during periods of market stress. Currently, Bitcoin is nearly 40% below its record price, and the entire cryptocurrency market has lost hundreds of billions of dollars in value in recent weeks.