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Bitcoin briefly fell below the $73,000 mark on Tuesday to hit a nearly 16-month low.
The world’s oldest cryptocurrency fell to $72,884.38, down more than 6% in one day. This is its lowest level since November 6, 2024, when the token traded at $68,898.
Bitcoin was last down more than 3% at $75,658.95 around 5:25 PM ET.
strategy, the bitcoin treasury firm was down more than 4% in the trading session.
Bitcoin performance over the past year.
Bitcoin is down 16% year to date as investors continue to pull out of riskier assets amid rising geopolitical concerns. The release of key US economic data this week was delayed by the partial government shutdown.
Rob Hadik, general partner at Dragonfly Capital, told CNBC that in addition to the liquidation in the digital asset market, continued uncertainty over lawmakers’ attempts to create legislative hedges for the cryptocurrency industry has added to investor panic.
“BTC’s pullback doesn’t seem to be driven by a single factor,” Hadik said. “Crypto and Bitcoin prices have always been volatile and this market is no different.”
He noted that crypto market fundamentals remain strong, particularly as stablecoins and tokenized assets continue to gain traction among retail and institutional investors.
“We expect the medium to long-term outlook to remain constructive as markets continue to restructure,” Hadik added.