Bitcoin crashes below $5,000: will prices continue to sink?
Experts say ‘crypto bloodbath’ could see values tumbling much further

Cryptocurrency markets are in turmoil after bitcoin’s value dipped below $5,000 (£3,885) yesterday evening - its lowest point since October 2017.
Prices for the digital coin have fallen further this morning, to around $4,500 (£3,500), according to ranking website CoinMarketCap. That figure is almost $1,000 (£780) less than the virtual currency’s value on Monday morning.
The drop is being blamed in part on a “hard fork” - a change whereby the cryptocurrency splits in two to form a new digital coin - in the token’s sister virtual currency bitcoin cash last week.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
This created two new cryptocurrencies, bitcoin ABC and bitcoin SV, triggering mass sell-offs among investors as they move over to the new digital coins.
However, The Guardian suggests that a series of warnings from major investment firms and bankers over the volatility of cryptocurrencies may also be prompting investors to turn their back on bitcoin and its rivals.
Either way, the “crash” brings an end to “one of the most prolonged periods of stability” in bitcoin’s history, notes The Independent. The currency had been trading at between around $6,000 (£4,660) and $7,000 (£5,440) since early September.
Some investors had predicted that this stability was the “calm before the storm”, but “many anticipated the price shift to go in the other direction”, the news site adds.
Will the markets continue to decline?
No one can say for certain where bitcoin’s value is heading over the coming months, but the massive drop from its December high of almost $20,000 (£15,500) doesn’t bode well.
Neil Wilson, chief marketing analyst at trading platform markets.com, calls bitcoin’s plummeting value a “crypto bloodbath” and warns that “things looks like they only get worse from here”.
“Where is the incentive to buy? It does rather look like the bottom is coming out of this market,” Wilson told The Guardian.
Meanwhile, Mati Greenspan, a senior marketing analyst at cryptocurrency trading site eToro, told the Daily Express that bitcoin dipping below its $5,000 “level of support” indicates that prices could fall to as low as $3,500 (£2,720).
But some experts say the outlook for bitcoin may still be bright, at least in the long term.
The head of British-based consultancy firm deVere Group, Nigel Green, told The Independent last month that continuing “adoption” of bitcoin could see values skyrocket by “at least 5,000% above its current valuation over the next decade”.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Today's political cartoons - April 19, 2025
Cartoons Saturday's cartoons - free trade, judicial pushback, and more
By The Week US
-
5 educational cartoons about the Harvard pushback
Cartoons Artists take on academic freedom, institutional resistance, and more
By The Week US
-
One-pan black chickpeas with baharat and orange recipe
The Week Recommends This one-pan dish offers bold flavours, low effort and minimum clean up
By The Week UK
-
What Trump's win could mean for Big Tech
Talking Points The tech industry is bracing itself for Trump's second administration
By Theara Coleman, The Week US
-
Network states: the tech bros who want to create new countries
Under The Radar Concept would allow you to 'choose your nationality like you choose your broadband provider'
By Chas Newkey-Burden, The Week UK
-
Paraguay's dangerous dalliance with cryptocurrency
Under The Radar Overheating Paraguayans are pushing back over power outages caused by illegal miners
By Chas Newkey-Burden, The Week UK
-
2023: the year of crypto instability
The Explainer Crypto reached peaks — and valleys — throughout 2023
By Justin Klawans, The Week US
-
Sam Bankman-Fried found guilty: where does crypto go from here?
Today's Big Question Conviction of the 'tousle-haired mogul' confirms sector's 'Wild West' and 'rogue' image, say experts
By Chas Newkey-Burden, The Week UK
-
FTX founder Sam Bankman-Fried arrested in the Bahamas
Speed Read
By Catherine Garcia
-
iPod creator launches new crypto wallet as industry fallout continues
Speed Read
By Justin Klawans
-
Is cryptocurrency still a good investment?
opinion The sharpest opinions on the debate from around the web
By Justin Klawans