Bitcoin breaks through $86,000 mark

VTV.vn - Bitcoin fell 2.1%, breaking through the $86,000 mark to hit a seven-month low of $85,350.75 during the Asian trading session.

Bitcoin cryptocurrency. (Photo: Getty Images/TTXVN)

On November 21, the digital currency market witnessed a wave of selling, pushing Bitcoin and Ether to their lowest levels in months, due to concerns about high-tech stock valuations and expectations of a Fed rate cut. Bitcoin fell 2.1% to $85,350.75 - a seven-month low, while Ether fell more than 2% to $2,777.39, both on track for a weekly loss of about 8%.

The sell-off has also hit stocks of companies that hold digital currencies. Strategy shares fell 11% this week to a one-year low, while Japan’s Metaplanet has fallen 80% from its June peak. Digital currencies are often seen as a barometer of risk appetite, and the sharp declines suggest caution, especially as hot AI stocks have also tumbled.

About $1.2 trillion in cryptocurrency market capitalization has been wiped out in the past six weeks, according to CoinGecko. Bitcoin has fallen sharply after hitting a record $120,000 in October on favorable regulation. Analysts warn the market is still haunted by last month's crash, when investors who borrowed money were forced to sell off more than $19 billion worth of assets.

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

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