This week's markets pain is only getting worse Wednesday, with major assets like Bitcoin and Ethereum falling to their lowest marks in months as liquidations top $600 million over the last 24 hours.
Bitcoin dipped as low as $83,724 and remains under the $84,000 mark as of this writing, down more than 3% on the day and 12% over the past week.
The price of Bitcoin hasn't been that low since early November, just days after President Trump's election win, as the top cryptocurrency was rising to new peaks. At its current price, Bitcoin is now down 23% from its peak price above $108,000 set just over a month ago.
But Ethereum has been hit harder, falling more than 4% on the day and dipping to $2,275—the lowest price for the second-largest crypto asset since last September. Ethereum remains down 53% from its own all-time high price of $4,878 set back in 2021.
Broadly, the crypto market is down about 4% over the last day, falling again after a brutal start to the week fueled by inflation fears, concerns over Trump's expanding tariffs, cooling momentum around meme coin trading, and last week's $1.4 billion hack of crypto exchange Bybit.
"Confusion on tariffs, uncertainty regarding rate outlook, and pending Nvidia earnings after close are driving anxiety and risk-off sentiment," Strahinja Savic, head of data and analytics at FRNT Financial, a crypto-focused financial services and advisory firm, told Decrypt. "Given the extent to which Nvidia has driven the broader market over the past several months, the volatility we see in BTC today could also be traders positioning for the Nvidia results."
"Having said that, these types of deep corrections are a standard part of BTC bull markets," he added. "We had a major retracement in August, for example, and then went on to break above $100,000 in November. The key level to watch now is the 200-day moving average, $81,700, and whether the token will break below this."
More than $613 million worth of futures bets have been liquidated over the last 24 hours, per data from CoinGlass, with Bitcoin leading the charge at $335 million worth. Ethereum is second with $115 million worth of liquidations.
Editor's note: This story was updated with an analyst comment after publication.