As global financial markets’ risk aversion sentiment intensifies, the cryptocurrency market comes under further pressure. Bitcoin slid all day today (5), continuing its decline below the $71,000 mark, reaching the lowest level since October 2024.
According to CoinGecko market data, Bitcoin plummeted 7.9% over the past 24 hours, dropping to $70,342; Ethereum also weakened, falling 7.6% to $2,087.
Kronos Research Chief Investment Officer Vincent Liu pointed out that this wave of decline is not caused by a single factor but is the result of multiple pressures intertwining. He analyzed, “Bitcoin lost key support after a failed rebound, and the downtrend expanded. Large long positions were liquidated, U.S. stocks plunged, tech stocks experienced turbulence, and ETF fund outflows continued. These factors all intensified the downward pressure on the cryptocurrency market.”
Analysts stated that this correction is not a structural collapse of the cryptocurrency market but rather a consequence of broader macroeconomic factors suppressing risk assets across the board.
Presto Research Director Peter Chung noted, “The current trend in cryptocurrencies basically follows the overall financial market’s risk aversion sentiment. As Bitcoin breaks below its annual low, investor sentiment has also fallen to the most pessimistic level since the last bear market.”
Reflecting market sentiment, the Crypto Fear & Greed Index is currently down to 12, deep in the “Extreme Fear” zone, indicating an extremely pessimistic market atmosphere.
Nevertheless, Peter Chung believes that even amid panic, there are long-term opportunities. “If you can cut through the short-term market noise, you’ll find that mainstream investors still have only a superficial understanding of this asset class,” he said. He believes this information gap actually indicates that cryptocurrency adoption still has enormous potential for explosive growth.
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