Cryptocurrency market is hammered hard thanks to the turbulence led by the global selloff in technology stocks deepened and washed out risky bets across asset classes. The meltdown is also dragging down shares of companies that hold bitcoin and other digital assets on their balance sheets, sparking concerns over potential broader strains in the sector.
Bitcoin, the oldest crypto token, has tumbled close to 16-month low in the last 24-hours. According to data from Coinmarketcap, Bitcoin lost more than 16.33 per cent to $60,074.20 on Friday from the peak of $71,802.46. From it’s all time high, Bitcoin has lost more than 52 per cent of its value at $126,198.07, hit 4-months ago.
Bitcoin’s sharp drop around the $60,000 range marks its weakest stretch since late 2024, with the asset now down nearly half from its October 2025 peak as heavy liquidations and persistent ETF outflows intensify selling pressure, said Avinash Shekhar, Co-Founder & CEO at Pi42. The repeated failure to sustain rebounds has reinforced a defensive market tone, he said.
However, Bitcoin was later seen around $65,000 around 10 am IST on Friday with its total market capitalization falling nearly 9 per cent to $1.3 trillion. Traded volumes of Bitcoin have soared more than 90 per cent as Bitcoins worth $143 billion exchange hands in the last 24 hours. Bitcoin’s dominance in the crypto market stands close to 58 per cent.
Bitcoin slid sharply on Thursday and extended a bruising weekly decline as macro headwinds, ETF outflows, and on-chain stress converged to sap risk appetite across digital assets, said Vikram Subburaj, CEO at Giottus. “The market tone reflects a classic risk-off phase. Liquidity is tightening, weak follow-through buying is evident, and macro uncertainty is dominating price action.”
This meltdown marked the weakest since October 2024, a month before Donald Trump won the US presidential election, having signalled his intention to support crypto on the campaign trail. Not just Bitcoin, other top tokens including Ethereum, BNB, Solana, XRP, Dogecoin, Cardano, Bitcoin Cash tumbled 9-13 per cent as of the data on Friday, February 06.
The total market capitalization of the crypto market has fallen sharply to $2.22 trillion, whipping out more than $2 trillion from its peak around $4.39 trillion in October 2025. More than $1 trillion has been burnt in just the last one month. Sentiment on crypto was affected by the latest selling in precious metals and stocks. Gold and silver have become more volatile.
Bears remain in control of the crypto market, driven by softer US labour data and growing concerns around heavy capital spending in the AI sector, which weighed on broader risk sentiment, said Akshat Siddhant, Lead quant analyst at Mudrex, who sees this as a ‘buy-on-dips’ opportunity in Bitcoin.