Bitcoin is now lower than it was at this time last year.
It’s down 4.4% on the day but — more troubling — it’s lower year-over-year. On November 20, 2024 it closed at $94K and it nearly traded at that at today’s highs but it’s reversed sharply lower and is down $3980 to $86,530. That’s down more than 8% y/y. On an intraday basis, that’s the lowest since late April and it’s 32% from the record high six weeks ago.
More worrisome is that bitcoin does appear to be a leading indicator for broad risk taking sentiment, especially for the Nasdaq and chipmakers. It’s been falling steadily since the start of the month and there isn’t much support until the April low near $75K.
