Sharp wave in crypto markets: Bitcoin on the verge of 60 thousand dollars

Intense selling pressure in global markets has also deeply affected cryptocurrencies. Bitcoin retreated to as low as 60,008.52 dollars in the early hours of Friday, testing its weakest value in the last 16 months. Remaining below the critical threshold for a very short time, the leading cryptocurrency then showed a recovery, climbing 1.64 percent to 64,153.24 dollars.

In October 2024, shortly before winning the US presidential election, Donald Trump had announced that he would support cryptocurrencies. While there has been significant volatility in the crypto market since then, this decline in Bitcoin has been particularly noteworthy.

Sharp losses were also seen on the Ethereum side. Ether fell to as low as 1,751.94 dollars during the Friday session, seeing its lowest level in the last 10 months, but traded at 1,891.27 dollars with a 2.4 percent rise at the end of the session.

According to data compiled by CoinGecko, the total value of the global cryptocurrency market has decreased by approximately 2 trillion dollars since the peak of 4.379 trillion dollars reached at the beginning of October. According to analyses, more than 1 trillion dollars of this loss occurred in just the last 30 days.

Bitcoin is preparing for a difficult close, having retreated by approximately 16 percent on a weekly basis. Since the beginning of the year, the total loss in value has reached 27 percent. In Ethereum, the weekly decline approached 17 percent; since the beginning of the year, this rate has risen to 36 percent.

News Source: 12punto