Data: CoinGecko; Chart: Axios Visuals
A plunge in cryptocurrency assets accelerated Friday morning, led by bitcoin, which has lost more than a third of its value since setting an all-time high in October.
Why it matters: The bloodbath has left no corner of the market untouched, and is reviving the debate about crypto as a long-term asset.
By the numbers: Bitcoin fell as low as $81,919 early Friday, per CoinGecko data, off more than 10% in 24 hours to the lowest levels since April.
- In early October the original cryptocurrency set a record when it broke $126,000 for the first time.
- Bloomberg reported the coin is on track for its worst month since June 2022, which was a catastrophic period for the industry.
Zoom out: It's not just bitcoin, though — virtually all coins are plunging amid the sell-off.
- Over the last week, the global market capitalization of all coins has fallen by nearly $400 billion, per CoinGecko, to roughly $3 trillion as of Friday morning.
What we're watching: It's not clear where the selling ends.
- Unlimited Funds CEO Bob Elliott noted Friday morning that the sell-off in bitcoin is mirroring recent weakness in stocks, but with "much more extreme" action.
