Crypto rout intensifies as bitcoin hits 16-month low

The cryptocurrency sell-off has deepened, with bitcoin sliding below $64,000 to its lowest level in 16 months as weakness spread across risk assets and safe-haven trades continued to unwind.

Bitcoin fell as low as $62,353, its weakest level since October 2024. Prices later rebounded to around $63,500, but the world’s largest cryptocurrency is still down nearly 25% over the past week.

The decline comes as the U.S. dollar firmed and precious metals reversed recent gains. Spot gold prices fell 4% to $4,763, according to CNBC, while spot silver dropped more than 19% to $70.96. CME Group data showed gold futures were down 3.3% Thursday afternoon, while silver futures sank more than 15%.

The U.S. dollar index edged higher after President Donald Trump on Wednesday signed legislation ending the government shutdown.

Analysts at Stifel warned that bitcoin’s losses may not be over. In a note issued Wednesday, the firm said bitcoin could fall roughly 70% from its record high to about $38,000, citing patterns from prior bear-market drawdowns.

Bitcoin has already declined nearly 45% from its October peak of $126,198.

In Washington, negotiations over the Clarity market structure bill stalled this week, adding to regulatory uncertainty surrounding the digital asset sector.

Shares of crypto exchange Bullish edged higher despite broader market weakness after the company reported fourth-quarter earnings that topped analyst expectations.