Market News
Crypto Slide Continues As Bitcoin Drops Below $84,000—Lowest Level Since Mid-April - FORBES
Key Facts
Bitcoin’s price dropped to $83,730.70 early on Friday, having fallen more than 9% in the past 24 hours.
As a result of the nearly month-long selloff, Bitcoin’s price is 10% below what it was at the start of the year, as it has wiped out a majority of the gains it made since President Donald Trump’s election win last year.
Bitcoin last slipped below $84,000 in April—dropping as low as $75,000—amid a broader market selloff triggered by the sweeping tariffs announced by Trump at his so-called “Liberation Day” event.
Citing data from Deribit, the Coinbase-owned crypto options and futures market, Coindesk reported that traders are readying for the token to drop further in price.
What About Other Cryptocurrency Prices?
The price of Ether—the world’s second most valuable cryptocurrency by market cap—dropped below $2,740, down more than 9.6% in the past 24 hours. Other major cryptocurrencies have also been hit, with the prices of XRP, Binance’s BNB and Solana’s SOL falling 9.1%, 8.4% and 10.6% respectively in the past day. Dogecoin, the biggest meme token in the crypto market, is down 10.3% in the past day.
Tangent
Strategy, previously known as Microstrategy, whose stock was seen as a proxy for bitcoin because of the company’s large holdings of the cryptocurrency, is down 2.44% in premarket trading early on Friday, after dropping 11% over the past week and 41% in the past 30 days. The company presently holds 649,870 Bitcoins at an average price of $74,430. In a note issued earlier this week, analysts at JPMorgan Chase warned that Strategy faces the risk of being dropped from key benchmark indexes such as the Nasdaq 100 and the MSCI USA. A delisting of Strategy from key indexes could cause its stock to slump further and potentially drive down crypto prices if the company chooses to liquidate some of its Bitcoin holdings.
