This week's markets pain is only getting worse Wednesday, with major assets like Bitcoin and Ethereum falling to their lowest marks in months as liquidations top $600 million over the last 24 hours.
Bitcoin dropped as low as $83 724, but is currently below $84,000. That’s a decline of more than 3 percent on the current day and 12 percent over the previous week.
The price of Bitcoin hasn't been that low since early November, just days after President Trump's election win, as the top cryptocurrency was rising to new peaks. Bitcoin’s current price is 23% lower than its previous peak of $108,000, which was just over a week ago.
But Ethereum has been hit harder, falling more than 4% on the day and dipping to $2,275—the lowest price for the second-largest crypto asset since last September. Ethereum is still 53% below its all-time price of $4 878, set in 2021.
Broadly, the crypto market is down about 4% over the last day, falling again after a brutal start to the week fueled by inflation fears, concerns over Trump's expanding tariffs, cooling momentum around meme coin trading, and last week's $1.4 billion hack of crypto exchange Bybit.
"Confusion on tariffs, uncertainty regarding rate outlook, and pending Nvidia earnings after close are driving anxiety and risk-off sentiment," Strahinja Savi, the head of data analytics and financial advisory services at FRNT, a firm that specializes in crypto, said Decrypt. "Given the extent to which Nvidia has driven the broader market over the past several months, the volatility we see in BTC today could also be traders positioning for the Nvidia results."
"Having said that, these types of deep corrections are a standard part of BTC bull markets," He also added. "We had a major retracement in August, for example, and then went on to break above $100,000 in November. The key level to watch now is the 200-day moving average, $81,700, and whether the token will break below this."
According to data provided by CoinGlass.com, more than $613 millions worth of futures wagers were liquidated in the last 24 hour, Bitcoin being the most active at $335 Million. Ethereum comes in second place with liquidations worth $115 millions.
Editor's note: This story was updated with an analyst comment after publication.
