Bitcoin Crashes Below $67K, Erasing All Gains Since Trump's Election Win
Analysis
Price Impact
HighBitcoin has crashed below $67,000, erasing recent gains and falling 23% in the past week. ethereum and solana also saw significant losses, indicating broad market weakness and extremely weak sentiment.
Trustworthiness
HighThe analysis is based on a breaking news report from decrypt, citing price data from coingecko, market data from yahoo finance, and expert commentary from a research analyst at gsr.
Price Direction
BearishThe price of bitcoin, ethereum, and solana have all seen significant drops, extending losses as tech stocks wavered on wall street. this suggests a broader de-risking from assets tied to artificial intelligence and general market apprehension, despite underlying fundamentals reportedly remaining unchanged.
Time Effect
ShortThe article highlights an immediate and significant price crash driven by current weak market sentiment and correlation with other risk assets. while fundamentals are stated as unchanged, the immediate outlook is bearish due to the sentiment hit.
Original Article:
Article Content:
The price of Bitcoin crashed below $67,000 on Monday, representing its lowest level since before U.S. President Donald Trump’s electoral victory 15 months ago. As of this writing, the digital asset’s price had fallen 23% over the past week to a recent price of $66,753, according to CoinGecko . Ethereum and Solana showed greater losses, respectively diving nearly 33% to $1,936 and 30% to $84 over the same period of time. The cryptocurrencies extended losses as tech stocks wavered on Wall Street. The tech-heavy Nasdaq fell 1.6%, while the S&P 500 declined 1.2%, according to Yahoo Finance . As sentiment in the crypto market takes a major hit, Carlos Guzman, a research analyst at crypto trading firm GSR, told Decrypt that crypto appears to be falling in sympathy with other risk assets as investors are reducing exposure to risk assets tied to artificial intelligence. For example, the S&P 500 software and services index was down 3% on Thursday. Guzman said fears of disruption stemming from advancements from AI were bolstered recently by the release of new legal tools from Anthropic for its Cowork product. “The fundamentals haven't changed, but the sentiment has really taken a hit,” he said of Bitcoin. “Sentiment in crypto right now is really weak, just some of the weakest I've seen.” Editor's note: This story is breaking and will be updated with additional detail. Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!