:max_bytes(150000):strip_icc()/GettyImages-2259795446-7a04ab9e5486494eb0c9860b16851e23.jpg "Bitcoin’s Price Plunges Below ,000. Welcome to 2026’s ‘Crypto Winter’")
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Key Takeaways
- The price of a single bitcoin recently traded below $64,000 and at its lowest price since late 2024.
- “The ‘Bitcoin Boomer Adoption’ Trade is Dead,” one market expert said.
Bitcoin has slipped below another five-digit milestone, raising the specter of “crypto winter.”
The leading cryptocurrency by market capitalization—at about $1.26 trillion, according to CoinMarketCap—recently changed hands at prices not seen since late 2024, dropping to below $64,000 apiece. (Read Investopedia’s full coverage of today’s trading here.)
The price has been nearly cut in half from last fall’s record highs around $126,000. The coin market at large has taken a major hit, with more than $500 billion in market value wiped out in a week.
The latest move lower has come as investors have moved away from risk assets and, in some cases, shifted portfolio allocations toward more defensive plays. Market strategists and crypto-industry leaders attribute the sell-off to two shifts in investor behavior: early coin buyers locking in profits, and fewer new buyers of crypto ETFs. At least one crypto exchange is starting to tighten its belt amid the rout.
Why This Matters to Crypto Investors
The dramatic pullback in bitcoin’s price since late last year has alarmed some investors, though others are positioning it as a buying opportunity. Those who watch bitcoin closely will likely tune into a conference call, scheduled for this evening, held by executives at Strategy, a big buyer of the cryptocurrency.
“A seller’s virus got into the market,” Galaxy Digital chief Michael Novogratz said during a conference call earlier this week, according to a transcript provided by AlphaSense. One customer, he said, unloaded $9 billion of crypto. “The OG profit-taking—more than we thought—is a real thing.” Novogratz said. That sum, he observed, is equivalent to a sizable chunk of last year’s inflows to BlackRock’s market-standard iShares Bitcoin Trust ETF (IBIT).
For now, some market watchers say, it’s unlikely that well-heeled investors are likely to step in, buy falling crypto, and save the day. “The ‘Bitcoin Boomer Adoption’ Trade is Dead,” Jim Bianco of Bianco Research said this week. Meanwhile, he said, positive news is failing to spur prices upward and price-drivers like the dollar debasement-trade aren’t working.
“Winter continues until a new narrative emerges,” he said.
Crypto companies are feeling the effects. Tyler and Cameron Winklevoss-founded crypto exchange Gemini (GEMI) said it plans to reduce its headcount by 25% and shutter operations in the United Kingdom, Europe and Australia to support a “path to profitability.”
Some crypto exchanges in recent months have rolled out services that expand beyond their coin-related offerings, including Coinbase (COIN) and Gemini. Both companies’ shares fell Thursday, with Coinbase logging double-digit losses.
Ask a market maven what’s next and you’re likely to get a range of answers. Bulls still talk about bitcoin’s potential—not just to recover, but to post the kind of parabolic returns it long saw. Bears see more losses ahead. In the meantime, the trading action is hitting not only crypto assets itself but related stocks.
One of those may fuel one or both of those narratives: Big bitcoin buyer Strategy (MSTR), previously known as MicroStrategy, reported quarterly results after today’s close. The company earlier this week reported its latest purchase, which brought the average prices it’s paid for the bitcoin it owns to around $76,000.
News or commentary out of the company or its executives, including Executive Chairman Michael Saylor, may prompt further moves in bitcoin. (The company is also promoting the appearance of “leading bitcoin analysts” on its conference call.) Saylor has remained bullish this week in social-media posts, calling volatility a “gift to the faithful.”
Strategy shares finished the day down 17%. The once-high flying stock has lost more than 75% of its value since hitting an all-time high last July.
Investors will be eager to hear what Saylor says Thursday’s given Strategy’s status as a bitcoin whale. Gregory Davis, president and CIO at Vanguard said in an interview with CNBC that he had “no idea” how to value the asset.
“I don’t know if the right price for bitcoin is $1,000 or $100,000,” he said.
This article has been updated to add new information and context and to reflect new market prices.
