Bitcoin Slumps to October 2024 Lows as Global Risk-Off Wave Hits Crypto

Bitcoin extended its decline on Wednesday night, sliding to its weakest level since October 2024 as a broad risk-off mood swept through global markets.

The largest cryptocurrency fell more than 7% over the past 24 hours, dropping to around $70,900. Ethereum followed the downturn, shedding nearly 8% to trade near $2,090, underscoring the pressure across major digital assets.

The latest leg lower came after a short-lived recovery attempt failed to hold key technical levels. Heavy long liquidations, spillover from a sharp sell-off in U.S. equities, and continued outflows from crypto exchange-traded funds combined to accelerate losses across the market.

Crypto-linked stocks also remained under pressure. Shares of Coinbase closed down over 6%, while Ethereum-focused treasury firm BitMine sank more than 9%. In traditional markets, the Nasdaq Composite fell 1.5%, while the Dow Jones Industrial Average managed a modest gain.

Risk-off sentiment dominates

The current drawdown appears driven less by crypto-specific developments and more by wider macro forces weighing on risk assets globally. As equities, tech stocks, and other growth-sensitive assets retreated, crypto followed suit, pushing investor sentiment to its weakest point since the last major bear phase.

That anxiety is reflected in the Crypto Fear & Greed Index, which sits at 12, deep in “extreme fear” territory.

Despite the bleak mood, some market observers note that periods of widespread pessimism have historically coincided with longer-term opportunity, particularly as much of the broader investment world remains underexposed to digital assets.

In the near term, attention is firmly on whether bitcoin can hold the psychologically important $70,000 level. Signs of slowing liquidations, stabilizing ETF flows, and a gradual improvement in sentiment would be early signals that selling pressure may be starting to fade.