On Monday, Dec. 1, Bitcoin fell below $85,000 amid a renewed sell-off in the cryptocurrency market. After hitting a record high of $126,210.50 on Oct. 6, Bitcoin has lost roughly one-third of its value, that being a 33% decline in just over eight weeks.
The drop came as investors pulled back from volatile assets amid growing concerns about global economic uncertainty and rising interest rates. The slide erased much of the gains Bitcoin posted during its strong rally earlier this year.
As of 11 a.m. Monday, the shares of other crypto-related firms tumbled: Coinbase Global slid about 5.1%, Robinhood Markets dropped 5.2%, and mining firm Riot Platforms fell roughly 5.4%. Meanwhile, Strategy, the largest publicly traded “crypto treasury” company, plunged 8.8%. As of Monday morning, the firm’s roughly 649,870 BTC holdings were worth around $55 billion.
So what does this moment say about the way we live with and invest in digital money?
For some, it’s a wake-up call about digital currency uncertainty. For others, a dramatic downswing that could set the stage for whatever comes next is a familiar part of the crypto cycle.
Whether the next move is a rebound or another dip, one thing hasn’t changed: crypto continues to shape conversations not just in markets, but in a newfound lifestyle for consumers.