Bitcoin is down 3% in the past 24 hours—having dropped to its lowest level in three months—and has brought the rest of the digital asset market with it.
CoinGecko data shows that the largest cryptocurrency by market cap is now trading for $25,048. The last time it was priced this low was back in mid June.
Ethereum, the second largest digital asset by market cap, has been hit even harder: it is currently trading hands for $1,543, its lowest level in six months.
Altcoins also couldn’t escape the sell-off, with ApeCoin, Sui, and Ripple all shedding significant amounts off their price.
The price slump is likely tied to failed crypto exchange FTX revealing that it’s seeking regulatory approval to liquidate $3.4 billion in Solana, Bitcoin, Ethereum, and other digital assets.
Not long ago, Bitcoin was soaring: a flurry of spot Bitcoin exchange-traded fund applications—including from the world’s biggest asset manager BlackRock—had investors hopeful that the U.S. Securities and Exchange Commission would finally approve the long-awaited crypto product for Wall Street.
But the top regulator has dragged its heels and investors are still waiting, leading to low liquidity in the crypto market and a general wane in interest, according to experts.
Bitcoin is still well above the price it started the year with, when it was trading for less than $17,000 per coin. But it still has a long way to go before it touches its November 2021 all-time high of $69,044.