According to Forbs, the world’s largest cryptocurrency dropped to $83,730.70, down over 9% in the last 24 hours.
The sustained decline has pushed Bitcoin about 10% below its level at the start of the year, wiping out most gains made after President Donald Trump’s election victory.
Bitcoin last traded under $84,000 in April, hitting a low of $75,000, during a broader market slump triggered by sweeping tariffs announced by Trump at his “Liberation Day” event.
Citing Deribit data, Coindesk reported that traders are positioning for further downside in the token.
Other cryptocurrencies
Ether, the second-largest cryptocurrency by market value, fell below $2,740, down more than 9.6% over the past 24 hours.
XRP, Binance’s BNB and Solana’s SOL declined 9.1%, 8.4% and 10.6% respectively over the same period.
Dogecoin, the largest meme token, dropped 10.3% in the past day.
Company impact
Strategy, formerly MicroStrategy, whose stock is viewed as a proxy for Bitcoin due to its large holdings, fell 2.44% in premarket trading on Friday.
The stock is down 11% over the past week and 41% over the past 30 days.
The company currently holds 649,870 Bitcoins at an average purchase price of $74,430.
In a note this week, JPMorgan Chase analysts warned that Strategy risks being removed from major benchmark indices such as the Nasdaq 100 and MSCI USA.
A possible index removal could push the stock lower and weigh on crypto markets if the company sells part of its Bitcoin holdings.