Bitcoin fell back to the bottom of its recent trading range late Thursday morning in the United States, as the tech-heavy Nasdaq fell 1.6%.
Trading at $65,700, bitcoin is now down 1.5% over the past 24 hours, while ether just above $1,900, is down more than 2%.
Bitcoin price action – uncorrelated with the Nasdaq when that index is rising, but perfectly correlated when it is falling – has become all too familiar to the crypto industry. And the inability to maintain any sort of sustainable rebound after last week’s panic drop has seemingly sent the bulls into full capitulation mode.
Alternative’s Crypto Fear & Greed Index fell today to just 5, a level of “extreme fear” even surpassing what was seen during the multiple collapses of the crypto winter of 2022 and the Covid crash of 2020.
Longtime bull Geoff Kendrick of Standard Chartered is also raising eyebrows, reducing his 2026 price targets for bitcoin, ether, solana, BNB and AVAX, while warning that bitcoin could drop as low as $50,000.
Crypto stocks are losing ground
Coinbase (COIN) and Robinhood (HOOD) were among the biggest losers on Thursday, each down more than 8%. Coinbase reports Q4 results after the bell, but Robinhood’s Q4 report earlier this week confirmed that the crypto bear market significantly reduced trading revenue in the final three months of 2025 – and that was before price action got really bad to start 2026.
Other notable decliners today include Strategy (MSTR), down 4.2%, Circle Financial (CRCL), down 4.3%, and Hut 8 (HUT), down 6.6%.
