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Bitcoin (BTC) has slipped back into negative territory, briefly trading below $90,000 on Tuesday, November 18, its lowest level since April 22, when it sank to $75,000.
With the ongoing jitters, the flagship cryptocurrency lost virtually all of the gains it had made this year and now sits nearly 30% below its peak above $126,000 recorded in October.
Over just the past seven days, $266 billion has been wiped off the asset’s total value, which now hovers around $1.82 trillion, down from $2.08 trillion on November 11, just a week ago.
By press time, “digital gold” had reclaimed the $90,000 level, trading at $91,302, but it was still down 12.53% on the weekly chart.
Bitcoin 1-week market cap. Source: CoinMarketCapCrypto market plummets
Major altcoins mirrored Bitcoin’s slide. Ethereum (ETH) fell 5.6%, XRP 3.8%, and Solana (SOL) 3.2% over 24 hours.
The total value of all cryptocurrencies combined has lost $470 million over the past week and over $1 trillion in the past month and a half amid a broader risk-off shift.
Exchange traded funds (ETF) have also experienced unprecedented outflows in the past few weeks, with BlackRock alone shedding $1.26 billion in net outflows this month.
Elsewhere, AI-related equities are under the biggest pressure, with Alphabet CEO Sundar Pichai warning in an interview with the BBC that the current AI boom is “irrationality.”
“I think no company is going to be immune, including us… [AI] will evolve and transition certain jobs, and people will need to adapt,” said Picahi.
However, some institutional investors are partially offsetting the decline. For instance, MicroStrategy’s new $835 million Bitcoin purchase could serve as a stabilizing factor.
Featured image via Shutterstock
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