Bitcoin gets slashed in half. What’s behind the crypto’s existential crisis
Bitcoin tumbled toward $60,000 this week as investors reassessed its utility. And while there isn’t one clear catalyst driving the bloodbath, one thing is clear: the crypto market is in crisis.
“There’s nothing going on in the marketplace that should have necessitated this type of a crash,” Anthony Scaramucci, founder and managing partner of alternative investment firm SkyBridge, told CNBC. “And so I think that’s made people, frankly, more fearful. … You have to ask yourself, ‘is it over for bitcoin?'”
Bitcoin fell as low as $60,062 on Thursday, bringing it to its lowest level since Oct. 11, 2024. That’s more than 52% off from its record high of $126,000 hit in early October 2025.
The previous session marked one of bitcoin’s…
