Bitcoin and Ether Hit Multi-Month Lows as Crypto Markets Selloff Deepens
- Rahaman Hadisur
- 13 minutes ago
- 2 min read
Hadisur Rahman, JadeTimes Staff
H. Rahman is a Jadetimes news reporter covering Business
Bitcoin and ether slid to multi-month lows on Friday, as a broad risk-off mood swept through financial markets and investors reassessed tech valuations alongside bets on near-term U.S. rate cuts. The two leading tokens have shed roughly 12% this week.
The retreat underscores how cryptocurrencies are increasingly viewed as a barometer of risk appetite, with the move mirroring declines in high-flying artificial intelligence stocks and heightened market volatility. Market observers warned that the latest weakness could reflect broader sentiment deterioration if risk-off dynamics persist.
Traders note that around $1.2 trillion has been wiped from the combined crypto market value in six weeks, according to market tracker CoinGecko. After a rally that propelled bitcoin above 120,000 in October on expectations of favorable crypto-friendly regulation, analysts cautioned that the market remains scarred by a sharp one-day slump last month that liquidated more than \19 billion of positions.
“The market feels dislocated, fractured, and briefly broken since that selloff,” said Tony Sycamore, a market analyst at IG. He added that if risk appetite continues to erode, conditions could worsen.
Year-to-date figures show bitcoin down about 12%, with ether off nearly 19%. The selloff has weighed on crypto-related equities and industry participants that had benefited from a surge in corporate crypto holdings earlier in the year.
Industry observers pointed to key technical levels as traders weigh future support. Citi analysts highlighted $80,000 as a critical level given its proximity to the average bitcoin holdings in exchange-traded funds. The weakness also pressured crypto miners and publicly traded crypto-related companies, many of which traded near or at multi-week lows.
CryptoQuant in its weekly report emphasized that near-term demand appears to have waned, suggesting a cautious outlook for the current cycle. As the market recalibrates, investors will be watching for any signs of stabilization in price action and renewed appetite for risk assets.
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