Bitcoin sinks below $72,000 as global markets turn risk-off

Bitcoin slid below the $72,000 mark, a level last seen about 15 months ago, as a broad risk-off mood swept through global markets.

The world’s largest cryptocurrency is extending a prolonged downturn that has erased more than 42% of its value since peaking in October last year, News.Az reports, citing Bloomberg.

Bitcoin briefly came close to breaking below $70,000 before recovering slightly to trade around $71,000 as of 9 a.m. in London. Prices are hovering near their lowest levels since Donald Trump’s election victory in November 2024.

While earlier phases of the selloff were largely driven by crypto-specific liquidations, Wednesday’s pressure has been linked to broader cross-asset stress across global markets.

Markets entered a phase of synchronized selling on Wednesday, with the Nasdaq 100 falling more than 2%, as losses spread across software companies, chipmakers, and other interest-rate-sensitive sectors. Equity declines continued into Thursday, with most major benchmarks in Asia and Europe also trading lower.

Unlike equity markets, however, Bitcoin and other digital tokens had already been weakening for several months.

Flows into US-listed Bitcoin exchange-traded funds have remained volatile. After recording roughly $562 million in net inflows on Monday, investors withdrew about $272 million on Tuesday, according to data compiled by Bloomberg.

Skepticism is also growing over Bitcoin’s perceived role as a safe haven during periods of market stress. The cryptocurrency is now down around 17% so far this year, while the broader crypto market has shed more than $460 billion in value over the past week.

News.Az 

By Nijat Babayev