Bitcoin Drops Below $92K, Wipes Out 2025 Gains — WSJ
By Vicky Ge HuangBitcoin fell below $92,000 on Monday as macroeconomic concerns continue to weigh heavily on investor sentiment.The largest cryptocurrency has erased its 2025 gains and now trades about 27% below its all-time high of above $126,000 set on Oct. 6.Analysts say the decline is driven by macroeconomic concerns, primarily citing the uncertainty surrounding the Federal Reserve's interest-rate policy and worries about the health of the U.S. economy."The market has repriced the early-stage, innovative, frontier-technology parts of the market significantly in the last month, and crypto has been part of that," said Zach Pandl, head of research at Grayscale Investments.While a December rate cut remains uncertain, some analysts believe the Fed's decision to stop quantitative tightening in December could ease overall financial conditions, which could positively impact bitcoin."Bitcoin has really become a macro asset," said Gerry O'Shea, head of global market insights at Hashdex. "Any uncertainty around what the Fed policy is going to be will negatively impact bitcoin. On the flip side, if we do get a better sense of where the Fed is going to be heading in for that December rate cut, I think that could have a positive impact on its price."This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).