Bitcoin slides to $73,000, marking lowest price in over 15 months

Bitcoin has tumbled to its lowest price point in more than fifteen months, breaching the $73,000 threshold amid a sustained market downturn. The leading cryptocurrency's slide is part of a wider retreat in digital asset markets, driven by investor caution and significant liquidation events.

Extent of the Decline

On Tuesday, Bitcoin dropped to around $73,072, a level not seen since November 2024. By 1900 GMT, it was trading near $74,930, representing a daily loss of approximately 4.5%. The decline is part of a steeper weekly and monthly trend, with losses exceeding 15% and 18% respectively over those periods.

Broader Market Impact

The sell-off affected the entire cryptocurrency sector. The total global market capitalization fell 4.6% to $2.52 trillion, according to data from CoinMarketCap. Ethereum, the second-largest cryptocurrency, experienced an even sharper drop of over 7%, falling to around $2,174. Bitcoin's own market cap decreased by 4.6% to $1.49 trillion, while its daily trading volume contracted significantly.

Contributing Factors

Analysts point to several factors fueling the downturn, including a shift away from riskier assets due to heightened geopolitical tensions. Additionally, a delay in key US economic data, caused by a partial government shutdown, has created uncertainty. A wave of forced liquidations in leveraged trading positions has also accelerated the recent price declines across crypto markets.