The cryptocurrency market sheds roughly $2 trillion in value from its October 2025 peak, marking one of the largest drawdowns in its history. Ethereum falls below $1,900, while Bitcoin drops to around $64,000, extending a broad-based selloff across digital assets.
The downturn reshapes market rankings. The market capitalization of McDonald’s now exceeds that of Ethereum, underscoring the scale of value erosion in crypto relative to traditional equities. Risk aversion and deleveraging continue to weigh on prices.
Bitcoin has now erased all gains made since Donald Trump’s election on November 5, 2024, and trades about 6% below its level at the time. The move highlights the market’s sensitivity to sentiment shifts and macro volatility.