Crypto Market in Turmoil as Bitcoin Hits 20-Month Low

Bitcoin (BTC) plummeted to a fresh yearly low of $58,115 on Thursday, its lowest level since October 2024, before slightly recovering to around $66,000 by Friday. Institutional selling intensified as spot Exchange Traded Funds (ETFs) recorded $1.35 billion in net outflows through Thursday.

The prolonged geopolitical uncertainty and the Federal Reserve's hawkish stance continue to dampen risk appetite, putting pressure on the Crypto King. Bitcoin has lost over 5% this week as traders assess mixed signals from different parties involved in the Middle East conflict.

Ripple (XRP) is trading near the key psychological support level of $1 after losing more than 8% so far this week. CoinGlass liquidation data shows that over 97% XRP long positions were wiped out over the past 24 hours, favoring the bears in derivatives metrics.

Pi Network (PI) price recorded a mild 3% recovery at press time on Friday, shaping a rebound from a broken descending trendline. The declining trend in trading volume has stabilized around $10 million this week, supporting the possibility of an extended recovery as selling pressure wanes.