Selloffs in Bitcoin and silver continue to spiral, following Wall Street's woes
Bitcoin briefly fell below the $70,000 price point, a level which it hasn't seen since November 2024. Silver prices fell as much as 16%
As Wall Street looks to recover from a miserable past few trading days, investors continued their retreat from Bitcoin and silver on Thursday.
In the early morning hours, Bitcoin briefly fell below the $70,000 price point, a level which it hasn't seen since November 2024. At the same time, silver investors were dumping the precious metal with prices falling as much as 16% following two days of gains.
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Bitcoin enthusiasts had hoped the $70,000 level was a floor for the digital currency – and prices did begin to rebound after hitting that price for a bit, but by 7:30 a.m. ET, the fall resumed, with the price nearing $69,000.
Silver, similarly, saw a brief bounce following its worst losses, but has so far been unable to sustain that upward momentum. As of 7:45 a.m. ET, silver prices were down 13% to $76.34.
Silver, just a few weeks ago, was on a record-breaking tear, with gains of 146% at one point. While it's still above its Jan. 1 levels (barely), the precious metal is nearly 35% below where it stood a week ago. Analysts say part of the reason for the sell-off is speculative investors had taken out options, which artificially drove up prices.
Analysts warned during the drive up in prices that silver was similar to meme stocks like GameStop $GME, with no ties to real-world value.
Bitcoin's drop has been a longer-term story. The cryptocurrency began to lose value after hitting an all-time high above $126,000 in October and hasn't shown any sign of recovery since. ETFs and digital asset Treasuries have been retreating from Bitcoin, which has fueled the slide.
The retreat from both market hedges comes amid increased volatility on Wall Street. The Nasdaq $NDAQ index has fallen nearly 4% in the past five days, while the S&P 500 is off a little more than 1% in that time.
That sell-off could continue Thursday. Futures show all major market indices are set to open lower, with the Nasdaq tracking for a drop of nearly 1% when trading begins.