Bitcoin lost 6.34% in 2025 and 15.65% since the start of 2026, putting it on course for its first two consecutive calendar years in the red. On November 10, the cryptocurrency traded around $73,850 and needed to gain roughly 18.5% before year-end to close 2026 in positive territory. Its combined decline of about 21% remains far smaller than the 73.56% drop in 2018 and the 64.27% fall in 2022. From its October 2025 peak of approximately $126,000, however, Bitcoin has crashed by more than 50%, falling below $58,000 in 2026. A growing institutional investor base, spot exchange-traded funds and greater market liquidity could explain why this cycle’s drawdowns have been less severe than those of previous bear markets.
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