The bitcoin price has lost almost 10% over the last 24 hours, taking its losses since hitting an all-time high of $126,000 in October to nearly 50% as traders fear a “worst case scenario” bitcoin crash.

Bitcoin nearly grazed $60,000 on Thursday as investors shied away from the asset due to growing concerns over its utility.

The price of Bitcoin fell to its lowest level in 16 months despite US president Donald Trump's personal and public support for cryptocurrency. A single Bitcoin went as low as $60,000 (£44,000), its lowest level since September 2024, before rallying slightly.