Bitcoin down almost half from its highs

Bitcoin’s plunge accelerated on Thursday, as the world’s largest cryptocurrency fell more than 10% to below $66,000 in afternoon trading, a level not seen since October 2024. The moves underscore how vulnerable cryptocurrencies can be when investors turn away from risk.

The sharp drop was a reversal from late last year, when bitcoin surged to record highs above $125,000 a coin. In the four months since then, the digital currency has lost nearly half its value.

The selling comes as investors pull back from riskier assets like crypto and tech stocks, and rotate into traditional “safe haven” assets like gold.

Since bitcoin’s October peak, the gap between its performance and gold’s has widened significantly. As of Thursday afternoon, the value of bitcoin had fallen 32% since February 2025, while the value of gold has soared 70%.

This year alone, gold is up more than 14% while bitcoin is down more than 20%.

As crypto plummets, the U.S. dollar is also feeling the heat from wary investors who are rethinking where they put their assets.

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