Cryptocurrency Bitcoin slips 5%, now below $65,000

Cryptocurrency Bitcoin slips 5%, now below $65,000

Bitcoin Slips Below $65,000 Amid Persistent Crypto Market Downturn
February 22, 2026

Bitcoin fell below $65,000 on Thursday, marking its lowest level in over a year and extending a months-long decline that has erased nearly half of its October 2025 peak of $126,000. The cryptocurrency dropped more than 10% in a single day, exacerbating a broader "crypto winter" characterized by widespread sell-offs and deteriorating investor sentiment.

The decline follows a period of steady price erosion since late 2025, with Bitcoin losing all gains from its November 2021 high of $69,000. Analysts attribute the downturn to factors including profit-taking by early investors ("OGs"), leverage-driven selling, and broader market conditions such as rising credit stress in the tech sector and "hawkish" Federal Reserve policies according to CNBC reports. Barry Bannister, chief equity strategist at Stifel, suggested Bitcoin could bottom out near $38,000, citing historical trends during prior "super-bear" cycles.

The selloff has impacted the wider crypto ecosystem. Ethereum dropped below $2,000, erasing $8 billion in value from the Ethereum-focused treasury BitMine. Meanwhile, major players like the Gemini exchange, co-founded by the Winklevoss twins, announced plans to cut 200 jobs and exit operations in key international markets.

Despite supportive policies from the Trump administration—including an executive order to position the U.S. as a "crypto capital"—market participants remain cautious. Matt Hougan of Bitwise Asset Management described the current environment as a "full-bore crypto winter", akin to the downturns of 2018 and 2022. He noted that such periods typically last about 13 months, though catalysts like regulatory clarity or macroeconomic shifts could accelerate recovery.

For investors, financial advisors emphasize caution, recommending crypto holdings be limited to no more than 5% of a diversified portfolio due to its volatility. As the market consolidates, analysts urge investors to reassess exposure based on long-term strategies and risk tolerance.

The Verge, Forbes: The Verge, Forbes
CNBC: CNBC