"Bitcoin dipped well below $87,000 on Thursday, continuing a devastating, weeks-long slump. The cryptocurrency is down almost ten percent over the last five days alone, wiping out much of its gains over the last seven months. It's lost just over 30 percent of its value since hitting an all-time high of over $126,000 in early October. The crypto industry as a whole has wiped out a staggering $1 trillion in market capitalization - and that's under president Donald Trump, who's positioned himself as a firm ally of the sector."
"Investors clearly aren't seeking solace in digital assets in droves. Instead, they're turning to gold, which is "easily outperforming" Bitcoin per Bloomberg. "Investors are stabbing in the dark a bit - they haven't got any direction on macro, so all they can see is what on-chain whales are doing and they're getting quite worried about it," CoinShares head of research James Butterfill told the outlet on Wednesday."
Bitcoin plunged below $87,000 after a weeks-long slump, falling nearly 10% over the past five days and about 30% since an early October peak above $126,000. The broader crypto market lost roughly $1 trillion in market capitalization even under a pro-crypto presidency. A major tech selloff and growing concerns about an AI bubble pressured digital-asset prices, with Nvidia shares sliding despite strong results and the S&P 500 turning lower. Investors shifted toward gold, which outperformed Bitcoin. On-chain whale movements heightened investor worry after rapid institutional adoption via newly launched crypto ETFs linked Bitcoin more closely to Wall Street.
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