Bitcoin hits lowest level since November 2024: What's going on
Bitcoin slid to $71,739 late Wednesday—its lowest since November 2024—before bouncing back a bit to $74,251 at press time Wednesday.
This sharp drop is being blamed on global risk-off vibes; analysts are separately debating whether Bitcoin's usual four-year halving cycle has shifted.
Crisis of faith for investors
Last week alone, $460 billion vanished from the crypto market. Bitcoin is now down 17% for the year and a hefty 42% from its October 2025 peak.
Even US ETFs flipped from big Monday inflows to outflows by Tuesday.
With key support levels breaking and one expert calling it a "crisis of faith," things could stay rocky if prices keep slipping.
Halving's impact under scrutiny
Unlike past cycles where halving boosted prices, this time Bitcoin has actually declined about 6% in the year following the last halving, measured from the January open.
Now, factors like Fed policy, high interest rates, and a strong dollar are calling the shots more than mining rewards.