‘Who in their right mind would rather buy crypto right now?’ Bitcoin prices plunge after market turmoil

Bitcoin just suffered one of its sharpest selloffs in months.

After spending much of the past year trading comfortably above six figures and reaching a peak above $126,000 in October (1), the world’s largest cryptocurrency appeared to have settled into a period of relative stability. That changed abruptly last week, when a wave of risk-off sentiment and broader market turmoil sent bitcoin tumbling below $60,000 (2) — its lowest level since October 2024.

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By the end of the week, bitcoin had lost roughly 17% of its value and was trading more than 50% below its all-time high.

While stocks tied to artificial intelligence and semiconductors have continued to soar, some analysts believe speculative money that might once have flowed into crypto is finding more attractive opportunities elsewhere. As Wolfe Research analyst Rob Ginsberg put it, “Who in their right mind would rather buy crypto right now when you could close your eyes, buy a semiconductor stock and [have] 2-3x your investment in weeks (3)?”

The sudden reversal has left investors grappling with a question that seemed almost unthinkable just a few months ago: What is the bull case for bitcoin right now?