"By the numbers: Bitcoin fell as low as $81,919 early Friday, per CoinGecko data, off more than 10% in 24 hours to the lowest levels since April. In early October the original cryptocurrency set a record when it broke $126,000 for the first time. Bloomberg reported the coin is on track for its worst month since June 2022, which was a catastrophic period for the industry."
"Zoom out: It's not just bitcoin, though - virtually all coins are plunging amid the sell-off. Over the last week, the global market capitalization of all coins has fallen by nearly $400 billion, per CoinGecko, to roughly $3 trillion as of Friday morning. What we're watching: It's not clear where the selling ends. Unlimited Funds CEO Bob Elliott noted Friday morning that the sell-off in bitcoin is mirroring recent weakness in stocks, but with "much more extreme" action."
Bitcoin fell as low as $81,919 early Friday, representing a drop of more than 10% in 24 hours and reaching the lowest levels since April. In early October the cryptocurrency set a record by breaking $126,000. Bloomberg reported the coin is on track for its worst month since June 2022, a catastrophic period for the industry. Virtually all coins are plunging amid the sell-off. Over the last week the global market capitalization of all coins fell by nearly $400 billion to roughly $3 trillion. The endpoint of the selling is unclear. Unlimited Funds CEO Bob Elliott said the bitcoin sell-off mirrors recent stock weakness but with much more extreme action.
Read at Axios
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