Bitcoin Erases 2025 Gains as Crypto Bear Market Deepens
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What is the main topic discussed in this episode?
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Sell,
sell! Welcome to Prof G Markets. I'm Ed Elson. It is November 18th. Let's check in on yesterday's market vitals. The major indices all fell, with tech leading the declines ahead of NVIDIA's midweek earnings. Google stock was the exception, rallying 3%, more on that later. Meanwhile, the yield on tenure treasury slid in anticipation of the September jobs report due Thursday. And finally, the dollar climbed while Bitcoin dropped. Okay, what else is happening? Crypto has fallen into a bear market. Late last week, Bitcoin crashed below the key $100,000 level. And yesterday, it officially erased all of its gain for the year as it moved towards $90,000. All told, it has fallen more than 25% from its peak in early October to its lowest point in six months, and other currencies have followed suit.
Ethereum has also down more than 20% in the past month. And an index of smaller coins just dropped to its lowest level since the pandemic. Meanwhile, crypto-related stocks also slid on Monday. Michael Saylor's strategy closed down 2%. Robin Hood was down 5%, and Coinbase was down 7%. Okay, here to break down what is driving this unwind and what else might be impacted. We are speaking with Luke Cower, markets editor at Sherwood News. Luke, thanks for watching. for joining us again on Prof G Markets.
Hey, glad to be back, Ed. Thanks for having me.
So looking at the crypto markets right now, uh, pretty bad week, pretty bad month. Bitcoin is down almost to $90,000 at the time of this recording. Uh crash below its key level of a hundred thousand. Let's just start with your broad reflections. What do you make of what's happening in the crypto markets right now?
First off, I you know, it's very hard to look at the crypto markets and and try and pin down why things are happening. So I always like to try and take the the what. The what is the takeaway from this to me, because when you have an asset that's basically an id asset, it trades on risk appetite, momentum, degree of speculation. Then that really it's you know telling you a lot about the rest of the ecosystem. For for Bitcoin, the reasons I've heard attributed for its sell-off, uh, you know, include things like, as you mentioned, you break through 100,000. There's, you know, obviously uh that's a key psychological level. Uh, we're all kind of evolved monkeys who are very attracted to round numbers. And beyond that, I've heard 400 to 600 days past a halving, which is, you know, a range of over half a year, uh, that you tend to get peaks in Bitcoin around.
Around that time. I think things like strategy having its uh the the value of its uh equity fall below the the net asset value of its Bitcoin is kind of another sign of, hey, well, if this big buyer is facing stress, I think it's somewhat of another sign, or at least an indication that people and institutions that bought Bitcoin on leverage, uh, negative things happen when it goes down. And that in itself is a A catalyst or an acceleration for even more declines happening. Beyond that, you know, you've seen kind of the normal things you would expect in a market where things are going down. You've seen a lot of outflows, for instance, from uh Bitcoin ETFs, and you've seen, I'll call them, you know, synonyms for poop coins.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–5:06
2
Why did Bitcoin lose its 2025 gains and plunge below $90,000?
5:06–11:53
3
What are the main factors driving the current crypto bear market?
11:53–23:28
4
How does the $100,000 psychological level affect Bitcoin’s price movements?
23:28–27:04
Speakers
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