Bitcoin plunged further on Friday, slipping to about $59,685 — its lowest level since October 2024, when U.S. voters were gearing up for that year’s presidential election. The fall has rippled across the crypto market, erasing more than $2 trillion of value from the sector since the market peak of roughly $4.2 trillion in October 2025.
What drove the move
Bloomberg says several forces combined to push prices lower. In the past month, outflows from Bitcoin exchange-traded funds accelerated, removing a notable source of buying pressure. At the same time, a resurgence of geopolitical tensions appears to have dampened risk appetite across markets, hitting crypto along with other risk assets.
Altcoins and sentiment
Smaller tokens moved sharply lower alongside BTC. Ethereum plunged as much as 12.8% to $1,550 on Friday — its weakest level since April 2025. Other major names including XRP, Solana and Dogecoin each fell more than 5%. The slide knocked market sentiment into “extreme fear”; the Crypto Fear & Greed Index dropped to 16 (well below the neutral 50 midpoint), reflecting heightened volatility, falling volumes and negative social signals.
Where Bitcoin stands
Bitcoin has now lost more than half its value from the October all-time high near $126,000. Bitcoin’s market capitalization has tumbled from about $2.5 trillion to roughly $1.2 trillion over the same stretch.
Near-term outlook
Derivatives and exchange-traded product flows will be watched closely after the ETF outflows cited by Bloomberg. Market odds tracked by Kalshi traders currently point to a year-end Bitcoin price near $65,000 — a recovery from current levels but still far short of the October highs, implying that even a rebound could leave investors well below prior peak wealth levels.
Featured image created with OpenArt; chart from TradingView.com.
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