Bitcoin plunges below $85,000 amid global jitters
Bitcoin fell below $85,000 on Monday, dropping more than 8% in 24 hours to $84,096 at 11:15 a.m. ET, according to CoinGecko, as a risk-off move tied to global rate expectations widened. The slide, now roughly one-third off its Oct. 6 record near $125,000 and wiping out about $750 billion in market value, hit U.S. crypto-exposed stocks including Coinbase (-4.2%) and Robinhood (-3.5%). Analysts cited a Bank of Japan hint at a Dec. 18–19 rate hike, broader tech weakness, and uncertainty ahead of the Fed’s Dec. 9–10 decision (CME FedWatch shows 87% odds of a cut) as drivers.
📌 Key Facts
- Price: Bitcoin dipped to $84,096 at 11:15 a.m. ET, down >8% in 24 hours (CoinGecko).
- Drawdown: About one-third off the Oct. 6 record near $125,000; ~$750B in market value erased.
- Spillover: Coinbase fell 4.2% and Robinhood 3.5%; Fed decision due Dec. 9–10 with 87% odds of a cut (CME FedWatch).
📊 Relevant Data
In 2022, during the Federal Reserve's interest rate hiking cycle, Bitcoin's price declined from approximately $69,000 at the end of 2021 to $15,500 by the end of 2022, representing a drop of over 77%.
Fed Rate Cut Boosts Bitcoin Price Ahead Of Q4 Melt-Up — Bitcoin Magazine
Bitcoin and the S&P 500 have shown a strong correlation in performance, with Bitcoin surging 135% in 2024 while the S&P 500 increased 24%.
Bitcoin Performance Analysis Shows Strong Correlation With S&P 500 — Nasdaq
The recent Bitcoin price drop triggered over $2 billion in liquidations across cryptocurrency markets in a 24-hour period.
Crypto Market Wipeout: $2B in 24-Hour Liquidations as Fear Hits ... — Yahoo Finance