Bitcoin slides below $71,000 to lowest level since October 2024
The Block
Bitcoin dropped below $71,000, hitting its lowest point since October 2024 amid broader market risk-off sentiment.Summary
Bitcoin extended its sell-off, falling 7.2% over 24 hours to $70,894 by Wednesday night, marking its lowest level since October 2024. Ethereum also declined significantly. Analysts attribute the drop to a combination of long liquidations, contagion from a sharp U.S. tech sell-off, and continued ETF outflows, all driven by broader macroeconomic risk-off pressures affecting various asset classes. The Crypto Fear & Greed Index registered 'extreme fear' at 12. While market participants watch if Bitcoin can hold the $70,000 support level, some analysts suggest the current bleak sentiment obscures long-term adoption potential.
(Source：The Block)