Bitcoin, Ethereum Prices Tumble. Cryptos Plunge Toward 3-Month Lows.

The world’s largest cryptocurrency, Bitcoin, is down nearly 20% from its record high earlier this month. (ROMAIN COSTASECA/Hans Lucas/AFP via Getty Images)

Key Points

• Bitcoin dropped 6.1% to $104,713 in 24 hours, reaching its lowest point since June and trading 17% below its October record high.
• Other cryptocurrencies also declined, with Ether falling 7.8%, XRP dropping 8.9%, and Solana losing 9.4%.
• The cryptocurrency market is experiencing a “massive sell-off” driven by broader market jitters over bad bank loans and tariff threats.

Bitcoin fell to its lowest level since June early Friday, with investors fleeing risk assets amid broad market jitters about bad bank loans hitting the banking industry.

The world’s largest cryptocurrency was down 5.1% to $105,751 over the past 24 hours, according to CoinDesk data. It’s now trading about 17% off the record high it hit earlier in October.

Among other digital coins, Ether fell 6.8%, XRP dropped 7% and Solana lost 7.8%.

The major tokens had seen even steeper losses earlier in morning before paring back some losses, with dip-buying likely playing a part.

Meanwhile, futures tracking the S&P 500 and Nasdaq fell 1% and 1.2%, respectively.

Cryptos have seen a steady decline throughout the week. They initially rose amid the U.S. government shutdown, which is now on its second week. That’s because crytpos are often perceived as a safety play — a store of value. But wider market factors are finally catching up to digital assets.

This decline looks like a “painful reflex” after the events of a week ago when President Donald Trump renewed threats of more tariffs on Chinese imports, noted FxPro chief market analyst Alex Kuptsikevich. “But this is an even more dangerous dynamic because we are not seeing a slip in a thin market, but rather a massive sell-off in search of a new bottom.”

The last time Bitcoin traded consistently above current levels was in late June. It has now plunged below the 200-day moving average, Kuptsikevich said. Historically, fixing the price below that level has triggered a sideways move for several weeks before the market was able to find solid ground again, he added.

Crypto-related stocks were also in the red early Friday. Bitcoin-buyer Strategy, formerly MicroStrategy, fell 2% in premarket trading. Crypto exchanges Robinhood Markets and Coinbase Global dropped 2.3% and 2.2%, respectively.

Write to Elsa Ohlen at elsa.ohlen@barrons.com