Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as a selloff led by Bitcoin accelerated.
Total crypto market value has slumped by $467.6 billion since January 29, according to CoinGecko data. Bitcoin on Tuesday tumbled to its lowest level since US President Donald Trump won re-election in early November 2024 and ushered in a more crypto-friendly administration.
The original cryptocurrency, which hit a 15-month low of $72 877 in the US, regained some ground in Asia Wednesday, trading at $76 200 at 10 a.m. in Singapore. It is down 13% this year and 39% from its October 6 peak above $126 000.
“Asia morning sentiment is cautious and defensive. The mood is still risk‑off, but the pace of forced selling has slowed compared with the US close,” said Rachael Lucas, an analyst at BTC Markets. Still, “Bitcoin printing sub‑$73 000 has pushed sentiment into extreme fear,” she said.
