Bitcoin crashes dragging precious metals with it. You're watching Coin Desk Daily. I'm your host,

Jen Sanassi. Bitcoin has crashed below $70,000 and analysts warn the bottom could be much deeper.

The cryptocurrency slid to a low of $69,100 today dragging market sentiment into extreme fear with the score of 12.

While U.S. equities remain resilient, crypto-exposed stocks like strategy and mining firms are down sharply.

Analysts are now predicting a potential drop to $38,000, citing a historical trend line connecting every major crash since 2010.

They compare Bitcoin to Benjamin Button,

a fixed supply cap of 21 million turned Bitcoin younger as the dollar weakened from regular

money printing. Now it's fraying like the kid version of Button, who looks 10 but acts 80,

stuck playing piano for retirees. The crypto crash is taking precious metals down with it.

Silver sank more than 18% in the past 24 hours and 37% on the week.

The slip echoes while Michael Burry calls a collateral death spiral where falling crypto prices

forced traders to liquidate tokenized metals to cover margin calls.

On the hyperliquid exchange tokenized silver saw nearly $18 million in forced liquidations, briefly causing more damage than Bitcoin itself. With liquidity, thinning out, analysts say the market is being driven by forced selling rather than macro fundamentals. And Ethereum's layer two networks are changing their tune. After years of marketing themselves as Ethereum extensions, leaders from Arbitrum, base, and others are pivoting to a new message, we're not Ethereum.

The pivot follows Vitalik Beteran's recent comments questioning the need for a dedicated layer-to roadmap as the base layer gets faster.

In response, Layer 2 founders are asserting their independence

with Arbitrum's Stephen Goldfetter explicitly stating, quote, arbitram is not Ethereum. The industry

sees this as a maturing point where roll-ups must offer unique value beyond just being a cheaper

Ethereum. That's it for CoinDesk Daily. Get more updates on CoinDesk.com and we'll see you next time.