Bitcoin fell sharply in New York early Saturday afternoon, falling below the $80,000 mark and hitting its lowest level since April 2025.The decline, which occurred amid a lack of liquidity and limited buying interest, deepened a slide that has seen the world's largest cryptocurrency fall more than 30%.
At noon in New York trading on Saturday, Bitcoin fell 7.1% to $78,159.41, with other tokens falling even more. Ethereum, the second-largest digital asset, fell more than 10%, while Solana fell more than 11%.
According to data from CoinGecko, the sell-off wiped out approximately $111 billion from the total market capitalization of the cryptocurrency market in the past 24 hours.
The pullback adds to weeks of macro disappointment toward Bitcoin. Previously, Bitcoin failed to respond to a series of market dynamics that should have supported the asset. The U.S. dollar weakened for much of January, but the move did little to boost sentiment in the cryptocurrency market. Likewise, Bitcoin failed to react in any meaningful way as gold prices soared to new all-time highs. Bitcoin also failed to attract inflows after gold and silver prices fell sharply on Friday.
The continued sluggish demand for Bitcoin calls into question its role in broader investment portfolios. Bitcoin, once viewed as a tool for momentum trading and a hedge against currency debasement, is now struggling to fulfill both roles. Spot ETF funds continue to outflow, geopolitical risks have not stimulated demand, and traditional safe-haven capital inflows are still concentrated in precious metals and cash.