Bitcoin hits 10-month low as economic worries weigh on markets
What's the story
Bitcoin, the world's largest cryptocurrency, has hit a 10-month low in Asia trading today. The decline comes after a weekend sell-off and reflects a fragile market sentiment amid broader economic instability. The digital currency fell as much as 2.5% to $74,541, just shy of its lowest level recorded earlier in April 2025.
Market downturn
Longest losing streak since 2018
The latest slump in Bitcoin's value comes after a nearly 11% drop in January, marking its fourth consecutive monthly decline. This is the longest losing streak for the cryptocurrency since 2018, when it fell after the initial coin offering boom. Caroline Mauron, co-founder of Orbit Markets, noted the potential for further declines.
Ripple effect
Broader impact on cryptocurrency market
The current market turmoil isn't just limited to Bitcoin. Other smaller cryptocurrencies are also feeling the heat, with the Ether down by 2.9% and Solana falling by 1.2%. Mauron warned that a further drop through significant levels near the ones in 2021 would represent a damaging long-term confidence hit for Bitcoin investors.