bitcoin has fallen back to the lower end of its recent trading range during US trading hours late Thursday morning, as the tech-heavy Nasdaq falls 1.6%.
Priced at $65,700, bitcoin is down 1.5% in the last 24 hours, while ether just above $1,900, it is down more than 2%.
Bitcoin’s price action—uncorrelated with the Nasdaq when that index goes up, but perfectly correlated when it goes down—has become all too familiar to the crypto sector. And the failure to maintain any sort of sustained rebound following last week’s panicked decline has the bulls seemingly in full capitulation mode.
Alternative’s closely followed Crypto Fear & Greed Index fell to just 5 today, a level of “extreme fear” that exceeds even what was seen during the multiple crashes of Crypto Winter 2022 and the Covid Crash of 2020.
Also drawing attention is veteran bull Geoff Kendrick of Standard Chartered, who cut his 2026 price targets for bitcoin, ether, solana, BNB and AVAX, while warning that bitcoin could fall as low as $50,000.
Crypto Stocks Lose 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 cryptocurrency bear market had significantly reduced trading revenue in the last three months of 2025, and that was before the price action turned really bad to start 2026.
Other big decliners today include Strategy (MSTR), down 4.2%, Circle Financial (CRCL), down 4.3%, and Hut 8 (HUT), down 6.6%.
