(Bloomberg) — Bitcoin slumped below $72,000, a level last seen 15 months ago, as a broad risk-off sentiment engulfed global markets.

The largest cryptocurrency is extending a downward spiral that has seen it shed more than 42% from its peak in October last year. Bitcoin came within a whisper of breaching $70,000 before recovering slightly to trade around $71,000 as of 9 a.m. in London. It is hovering around the lowest levels since Donald Trump’s election win in November 2024.

Most Read from Bloomberg

• Chicago Office Tower Sells at an 87% Discount to Pre-Covid Price

• In Praise of Urban Disorder

• The Oklahoma Architect Who Turned Kitsch Into Art

• Chicago Mayor Names Mahr as Interim Chief Financial Officer

• NYC Mayor Mamdani Will Back Governor Hochul’s Reelection Bid

“The market is currently navigating a ‘crisis of faith,’” said Shiliang Tang, managing partner of Monarq Asset Management.  

While earlier legs of the decline were driven by crypto-specific liquidations, the Wednesday pressure is tied to wider cross-asset stress.

Markets entered a period of synchronized selling Wednesday, with the Nasdaq 100 down more than 2% and losses spreading across software, chipmakers, and other rate-sensitive corners of the equity market. Stock declines continued Thursday, with most benchmarks in Asia and Europe lower.

Unlike equity markets, however, Bitcoin and other tokens had already been sliding for months.

“Crypto sentiment is currently in extreme fear as the market has been routed over the last week,” said Andrew Tu, head of business development at crypto market maker Efficient Frontier. “If $72,000 doesn’t hold for Bitcoin, it’s highly likely we will visit $68,000 and potentially even decline back down to the lows of 2024 after the initial rally.”

Flows to US-listed Bitcoin exchange-traded funds remain choppy. After seeing about $562 million in net inflows on Monday, investors pulled out $272 million from the group on Tuesday, according to data compiled by Bloomberg.

Skepticism about Bitcoin’s role as a safe haven during market stress is growing. The token is now down about 17% this year, and the broader crypto market has lost over $460 billion in value in the past week.

–With assistance from Sidhartha Shukla.

Most Read from Bloomberg Businessweek

• Inside Xbox, a Game Studio Is Trying to Reinvent Itself

• Trump’s Attempt to Make Drugs Cheaper Is Pushing Up Prices in Other Countries

• Carvana’s Red-Hot Growth Runs on a Cycle of Borrowed Money

• Cognac Makers Are Uprooting Vines. Dumping Supplies May Be Next

• Industry TV Recap: A Tabloid Drama

©2026 Bloomberg L.P.