Falling nearly 30,000 USD from the peak, Bitcoin price breaks through 4-month low

Bitcoin price broke through the support level of 77,000 USD early this morning, marking the lowest trading level the cryptocurrency has recorded since the US presidential election.

According to data from CoinMarketCap, the cryptocurrency market is experiencing a severe crash. Early on March 11 (Vietnam time), the Bitcoin price plunged below the 77,000 USD mark, establishing the lowest level in the past 4 months. Since the historical peak set in mid-December 2024, the price of Bitcoin has dropped nearly 30,000 USD.

The market capitalization of Bitcoin continues to “evaporate” by 100 billion USD, shrinking to 1,540 billion USD. Notably, the adjustment period that has lasted from the end of January to now has erased all the gains that Bitcoin had “built” since the US presidential election held in November 2024.

However, the rest of the market has seen much worse developments. The cryptocurrencies behind Bitcoin are not only sinking in red but also adjusting with large amplitudes, mostly in double digits.