Bitcoin Hits 15-Month Low, Wiping Out Billions in Value
Summary
A significant selloff in cryptocurrencies, primarily driven by Bitcoin, has resulted in nearly $500 billion in losses within a week. Bitcoin reached a 15-month low, highlighting the volatility in the crypto market, as reported by Bloomberg's Norah Mulinda.
Key Insights
What does a '15-month low' mean for Bitcoin's price?
A 15-month low means Bitcoin's price reached its lowest point since approximately November 2024, specifically falling to $73,073 on February 3, 2026, before recovering slightly to around $74,744.
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Why has the crypto market lost nearly $500 billion in a week?
The $500 billion loss stems from a broad selloff led by Bitcoin's 15% weekly decline, triggered by macroeconomic factors, $1.7 billion in Bitcoin ETF outflows, declining retail interest, and a shift in investor sentiment toward defensive assets like gold.