A representation of the Bitcoin cryptocurrencies coin symbol is seen in an illustration photo taken in New York City on March 18, 2023. On Monday, Bitcoin dropped below $92,000 for the first time in nearly seven months, as the popular cryptocurrency erased all of its gains for 2025. File Photo by John Angelillo/UPI | License Photo
Nov. 17 (UPI) -- Bitcoin dropped below $92,000 on Monday for the first time in nearly seven months, as the popular cryptocurrency erased all of its gains for 2025.
Bitcoin was trading for $91,588, according to CoinGecko on Monday evening, after having dropped 3.3% in one day as trading volume more than doubled. Bitcoin's value has dropped about 13% over the past week and more than 26% since Oct. 6, when it hit a record high of more than $126,000.
"The break below the 50-week moving average and a weekly close under $100K for the first time since May 4, have cemented a more cautious tone across digital asset markets," wrote analysts at QCP Capital, a Singapore-based crypto trading firm. "In a space where narrative often drives price, talk of the four-year cycle nearing its end has only added to the prevailing bearing sentiment."
Bitcoin's drop comes as a number of major cryptocurrencies have experienced losses. According to CoinDesk, the wider crypto market lost nearly 6% of its value over the past week.
