Bitcoin has fallen back to the low end of its most recent trading range in late morning U.S. trading Thursday, as the tech-heavy Nasdaq shed 1.6%.
Trading at $65,700, bitcoin is now down 1.5% over the past 24 hours, while ether just above $1,900, is down more than 2%.
Bitcoin price action – uncorrelated with the Nasdaq when this index is heading higher, but perfectly correlated when it is going down – has become all too familiar to the crypto sector. And the failure to hold any sort of sustained bounce from last week’s panicky jump has bulls seemingly in full capitulation.
Alternatives’ well-followed Crypto Fear & Greed Index fell to just 5 today, a level of “extreme fear” that exceeded even what was seen during the many collapses of the 2022 crypto winter and the 2020 Covid crash.
Long-time bull Geoff Kendrick of Standard Chartered is also raising eyebrows, cutting his 2026 price targets for bitcoin, ether, solana, BNB and AVAX while warning that bitcoin could fall as low as $50,000.
Crypto stocks are losing ground
Coinbase (COIN) and Robinhood (HOOD) are among the biggest losers on Thursday, each down more than 8%. Coinbase is reporting fourth-quarter results after the bell, but Robinhood’s fourth-quarter report earlier this week confirmed that the crypto bear market had taken a big bite out of trading revenue in the last three months of 2025 — and that was before price action turned really bad to begin 2026.
Other big decliners today include Strategy ( MSTR ), down 4.2%, Circle Financial ( CRCL ), down 4.3%, and Hut 8 ( HUT ), down 6.6%.
