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Bitcoin Suffers Biggest Drop in Four Weeks, Nearing $40K
The 6.6% drop for the largest cryptocurrency was bitcoin’s steepest since Jan. 21.
By Brian Evans
Updated May 11, 2023, 6:08 p.m. Published Feb 17, 2022, 9:26 p.m.
Bitcoin (BTC) plummeted in late trading Thursday to below $41,000, the biggest daily dip since Jan. 21.
BTC was changing hands at $40,983 at the time of publication.
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- "Bitcoin was the victim to a major de-risking environment on Wall Street as investors view short-term geopolitical risks and potential overly aggressive [Federal Reserve monetary] tightening as a risk to all risky assets," said Edward Moya, senior market analyst at the foreign-exchange brokerage OANDA.
- Bitcoin is down 6.6% on the day after a roller-coaster week of trading.
- The largest cryptocurrency by market capitalization posted its strongest gain in weeks on Wednesday before Thursday's skid.
- Markets are currently weighing growing tensions in Europe as Russia continues its standoff with Ukraine.
- Other popular cryptocurrencies including ether (ETH) and solana (SOL) posted losses both near 7%.
- The price drop extended bitcoin's losses so far in 2022 to about 13%.
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Galaxy Digital’s head of research explains why bitcoin’s outlook is so uncertain in 2026
Galaxy Digital’s Alex Thorn says options markets, falling volatility and macro risks make next year hard to forecast even as the firm keeps a bullish long-term view.
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- Galaxy Research, the research arm of Galaxy Digital (GLXY), says overlapping macroeconomic and market risks make bitcoin unusually difficult to forecast in 2026.
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