SINGAPORE/LONDON: Bitcoin fell below $90,000 on Tuesday for the first time in seven months, signalling a sharp decline in investor risk appetite across global financial markets.
The world’s largest cryptocurrency has erased all of its 2025 gains and is now nearly 30% below its October peak above $126,000.
Bitcoin last traded around $90,907 in early European hours after touching an intraday low of $89,286.
Market tracker CoinGecko reported that about $1.2 trillion has been wiped off the total market value of all cryptocurrencies in the past six weeks.
Macro uncertainty drives selloff
Traders said doubts about future US interest-rate cuts and a broader risk-off mood were weighing on crypto assets. Global markets have wobbled after a long rally.
“The cascading selloff is amplified by listed companies and institutions exiting their positions after piling in during the rally, compounding contagion risks across the market,” said Joshua Chu, co-chair of the Hong Kong Web3 Association.
He warned that confidence “can erode with remarkable speed” when liquidity thins and macro uncertainty rises.
Joseph Edwards at Enigma Securities said US regulatory expectations had also cooled. “The sell pressure here isn’t extraordinary, but it’s coming at a relatively weak point on the buy side … a lot of retail buyers were stung during the flash crash last month,” he said.
That October crash saw roughly $19 billion in liquidations across leveraged positions.
Crypto-linked equities such as Strategy, Riot Platforms, Mara Holdings and Coinbase have also fallen as sentiment deteriorates.
Technical breakdown and ETF outflows
The recent slide pushed Bitcoin through key chart levels. It has lost support near $93,700, slipped below its 200-day moving average, and formed a “death cross” as its 50-day average fell under the 200-day trendline. This is widely viewed as a bearish signal.
The Relative Strength Index has entered oversold territory, suggesting the selling may be overextended in the short term.
Traders said any rebound would face resistance as long as Bitcoin stays below the 50-day moving average.
US spot ETFs have also seen choppy flows. Market desks said sequences of flat or negative prints had weakened marginal demand.
In thin liquidity, prices tend to fall into lower pockets until new buyers emerge.
Mt. Gox repayment moves jolt sentiment
Sentiment was further shaken by the movement of more than 10,600 Bitcoin from Mt. Gox wallets on 18 November.
The transfer was the first in eight months. It is linked to administrative steps in the long-running repayment process for creditors of the exchange, which collapsed in 2014.
Analysts said there was no evidence that these Bitcoin were being sold. But the perception of potential supply spooked markets.
More than 230,000 trading accounts were liquidated within 24 hours, generating over $1 billion in forced sell orders, according to analysts tracking blockchain data.
CoinDesk reported “extreme fear” conditions, a level that has previously coincided with either acceleration in downturns or eventual exhaustion points.
Global market selloff deepens
Global equities also weakened as traders reduced risk ahead of two key events: Nvidia’s earnings report and US employment data due this week.
Asian markets hit one-month lows. Japan’s Nikkei fell 3%. South Korea’s KOSPI dropped 3.3%. Australia’s benchmark lost nearly 2%, and Hong Kong’s Hang Seng fell 1.67%. A Japanese AI-linked stock basket plunged 4.7% after soaring 130% earlier in the year.
European shares slid for a second day. The STOXX 600 fell 1.1% on Monday. Indices in Germany and France dropped more than 1.2%. Banking stocks were the largest drag, falling over 2%. Investors also worried about a potential “AI bubble”.
Companies linked to AI infrastructure, including Siemens Energy, Schneider Electric and ABB, were under pressure.
ABB fell 4% after disappointing growth guidance. Roche was an exception, gaining nearly 6% after promising trial results for a breast cancer drug.
