Crypto Market Plunges: $1.7 Trillion Lost Since October Peak, Bitcoin Sinks to $70,000

• The global cryptocurrency market has lost approximately $1.7 trillion in value since its October peak, with nearly $500 billion wiped out in the past week alone.
• Bitcoin, the largest cryptocurrency, has fallen over 40% from its October record high of $127,000, now trading around $70,122.
• Ethereum and other major altcoins like BNB, XRP, Solana, Tron, Dogecoin, and Cardano have also experienced significant declines, with some seeing weekly losses exceeding 20%.
• The current downturn is attributed to a broader global 'risk-off' shift, with Bitcoin increasingly correlating with equities like the Nasdaq 100.
• Investor confidence is eroding, evidenced by volatile flows in US-listed Bitcoin ETFs and legislative delays impacting regulatory optimism post-US election.