Bitcoin fell to a 16-month low on Friday, testing key $60,000 support as a global selloff in technology stocks triggered widespread risk-off moves across asset classes, reports Reuters.
The world’s largest cryptocurrency later recovered, rising 1.64% to $64,153.24 in volatile trade after earlier hitting a session low of $60,008.52 — its weakest level since October 2024, just before Donald Trump’s U.S. presidential election win, when he had signaled support for crypto.
“Bitcoin’s been declining since October 2025,” said Chris Weston, head of research at brokerage Pepperstone in Melbourne. “You could ask if it was the canary in the coalmine, or just a coincidence. A lot of these large, crowded positions are being unwound very quickly.”
Ether also rebounded, climbing 2.4% to $1,891.27 after slipping to a 10-month low of $1,751.94 earlier in the session.
The global cryptocurrency market has lost roughly $2 trillion in value since reaching a peak of $4.379 trillion in early October, according to CoinGecko data, with more than $1 trillion wiped out in the past month alone.
Bitcoin is on track for a weekly decline of 16%, bringing its losses for 2026 so far to 27%. Ether is facing a weekly drop of 17%, with year-to-date losses of 36%.
Crypto sentiment has been influenced by volatility in broader markets, including precious metals and technology stocks. Gold and silver, heavily affected by leveraged buying and speculative flows, have seen sharp swings in recent weeks.
“Bitcoin drifting back toward $60,000 is not crypto dying,” said Joshua Chu, co-chair of the Hong Kong Web3 Association. “It’s the bill coming due for Treasuries and funds that treated Bitcoin as a one-way asset without real risk controls. Those who bet too big, borrowed too much, or assumed prices only go up are now learning firsthand about market volatility and risk management.”
Cryptocurrencies have struggled since last October’s record crash, which sent Bitcoin tumbling from previous highs and cooled investor sentiment toward digital assets.
Analysts at Deutsche Bank noted that U.S. spot Bitcoin ETFs experienced outflows of more than $3 billion in January, following outflows of about $2 billion in December and $7 billion in November.
Bd-pratidin English/ Jisan
