Bitcoin breaks below $86,000.

VTV.vn - Bitcoin fell 2.1%, breaking below $86,000 to hit a seven-month low of $85,350.75 in Asian trading.

Bitcoin cryptocurrency. (Photo: Getty Images/VNA)

On November 21st, the cryptocurrency market witnessed a sell-off, pushing Bitcoin and Ether to their lowest levels in months, driven by concerns about high-tech stock valuations and fading expectations of a Fed interest rate cut. Bitcoin fell 2.1% to $85,350.75 – a seven-month low – while Ether dropped more than 2% to $2,777.39, both heading for a potential 8% decline this week.

The sell-off also negatively impacted the stocks of companies holding cryptocurrencies. Strategy shares fell 11% this week, reaching a one-year low, while Metaplanet (Japan) plummeted 80% from its June peak. Cryptocurrencies are often considered a barometer of risk appetite, and the sharp decline reflects cautious sentiment, especially as even hot AI stocks are falling.

According to CoinGecko, approximately $1.2 trillion in cryptocurrency market capitalization has "evaporated" in the past six weeks. Bitcoin plummeted after reaching a record high of $120,000 in October thanks to favorable regulations. Analysts warn that the market is still haunted by last month's crash, when investors who borrowed money had to sell off assets worth more than $19 billion.

Bitcoin has now erased all of its year-to-date gains, down 8% for the year, while Ether has lost nearly 16%. A CryptoQuant report suggests the Bitcoin market is in its worst state since the start of its bull cycle in January 2023, with much of the demand likely already over.

Source: https://vtv.vn/bitcoin-thung-moc-86000-usd-100251121155536489.htm