Bitcoin dropped below $60,000 this week, marking its lowest level since October 2024 and capping the worst weekly performance for major cryptocurrencies since the FTX exchange collapsed in late 2022. Ether and other digital assets also posted sharp declines, erasing gains made since the November 2024 presidential election.
The selloff accelerated throughout the week as investors pulled back from riskier assets amid broader market uncertainty. Bitcoin traded near its 2026 low, while Ether similarly suffered steep losses. The synchronized decline across cryptocurrency markets reflected a sharp reversal from the optimism that had driven prices higher in late 2024 and early 2025.
The magnitude of the weekly drop drew comparisons to the November 2022 FTX crisis, when the collapse of one of the world's largest cryptocurrency exchanges triggered a cascade of selling across digital asset markets. While this week's decline stemmed from different factors, the percentage losses approached those seen during that turbulent period.
The retreat represents a significant setback for cryptocurrency markets, which had rallied following the 2024 election on expectations of more favorable regulatory treatment. Bitcoin had climbed substantially in the months after November, but has now given back those gains and more. The decline wiped out billions in market value across the cryptocurrency sector.
Market analysts pointed to multiple factors contributing to the selloff, though the sources did not specify particular catalysts. The speed and severity of the decline caught many investors off guard, with trading volumes elevated as holders moved to exit positions. The drop below $60,000 for Bitcoin marked a psychological threshold that had held for much of the past year and a half, raising questions about whether further declines could follow.