Bitcoin Plummets to Lowest Level Since October as Crypto Market Sees Declines

The cryptocurrency market saw a downturn on Friday, with bitcoin experiencing a 4.4% drop to $60,805.85, marking its lowest level since October 2024.

Ethereum also fell by 10%, reaching its lowest point in over a year at approximately $1,591. The decline in the global cryptocurrency market had a ripple effect on stocks related to crypto and blockchain technology, with several companies experiencing significant losses.

Crypto exchange Coinbase Global dropped more than 8% during Friday's trading session, while Strategy, known for holding large amounts of bitcoin, fell by 9%. Retail trading platform Robinhood Markets also decreased around 8%, and cryptocurrency mining companies such as Mara Holdings, Bit Digital, and Riot Platforms all declined by more than 10%.

Additionally, stocks linked to ether also weakened, with Bitmine Immersion Technologies and Sharplink Gaming both falling approximately 10%. This downturn in the cryptocurrency market highlights the ongoing volatility and risks associated with investing in cryptocurrencies.