Bitcoin (BTC) tumbled to an intraday low of $78,197 per coin early Friday, its sharpest descent in months. As of publication, the digital asset hovers listlessly below the $80,000 threshold at $79,875, signaling persistent bearish momentum.
Crypto Carnage: Bitcoin Tumbles to Nov. 2024 Lows
The leading cryptocurrency has shed 7% against the U.S. dollar today and 21.9% over the past month, plunging to levels last observed in early November 2024. Though trading volume remains elevated, selling activity dominates: $79.64 billion in BTC trades changed hands in 24 hours, skewing decisively toward exits.
A notable arbitrage gap persists, with BTC priced at $79,875 globally and $81,166 on Upbit and Bithumb in South Korea. Tether (USDT) retains its dominance as BTC’s primary trading counterpart, trailed by the greenback, USDC, FDUSD, and the Korean won. Dom Harz, co-founder of BOB (Build on Bitcoin), observed Friday that the current market anxiety pales in comparison to the feverish chaos of November 2022’s FTX collapse.
Harz stated:
The panic and outflows we’re seeing today don’t come close to the FTX meltdown, which tells you something: this is not the ‘same-old crypto’ that those outside the industry see. If anything, this reinforces our mission to build more secure, decentralized, and, most importantly, user-friendly alternatives.
Derivatives markets reeled from $955.12 million in liquidations during the past day—$415 million tied to bullish BTC positions and $186 million to ethereum longs. Some 228,660 traders faced margin calls in this rout. This 28% retreat from recent highs mirrors wider financial tremors: exchange-traded fund (ETF) withdrawals totaling $275.83 million Thursday, macroeconomic anxieties, and whipsaw trading patterns.
The breach below $80,000 encapsulates these tempestuous currents, illustrating how institutional flows and psychological factors can coalesce into gravitational tugs on crypto valuations. Each data point becomes a brushstroke in the chiaroscuro portrait of market behavior—volatile, vivid, and perpetually in flux.
“The recent market has concentratedly released risks and negative factors, which is beneficial for the subsequent market trend,” Tracy Jin, COO of MEXC told Bitcoin.com News. “The current drawdown process is considered a healthy risk release within a bull market. After the initial adjustments in altcoins and BTC, U.S. stocks are expected to undergo adjustments as well. Looking ahead, if the Federal Reserve’s rate cuts are substantial enough, there is still hope for a considerable market opportunity this year. Medium to long-term investors can consider buying the dip, but they should closely monitor key support levels and changes in macroeconomic policy.”
At press time at 6 a.m. Eastern Time on Friday, BTC is coasting along just above the $80,000 range.