Sharp bitcoin decline: Price drops to $63,300

Bitcoin (BTC) has experienced another sharp decline, dropping to a two-week low of $63,300 in the past 12 hours. This follows a similar downturn on Monday when the cryptocurrency fell by several thousand dollars, News.Az reports citing CryptoPotato.

The decline has affected alternative coins as well, with most of the market showing losses today. Among the larger-cap altcoins, Solana (SOL) and XRP are leading the downward trend.

BTC Drops to $63.3K

Last Thursday was marked by significant volatility when BTC fell to $63,400. However, the asset rebounded over the weekend, reaching over $69,000 on Saturday as the community anticipated Donald Trump's appearance at the 2024 Bitcoin Conference in Nashville.

Trump’s speech was followed by heightened volatility, but BTC eventually stabilized at around $67,500 on Sunday. The new week started positively for bulls, with bitcoin reaching a seven-week peak of $70,000 on Monday morning.

Nevertheless, BTC struggled to maintain this momentum and was unable to decisively surpass the $70,000 mark. Instead, it faced a significant rejection, dropping to $66,400 by the end of Monday. Tuesday and Wednesday were relatively calm, with BTC hovering around $66,500.

In the last 12 hours, BTC experienced another sharp downturn. Bears drove the primary cryptocurrency down to a two-week low of $63,300 on Bitstamp, resulting in over $200 million in liquidations.

Although BTC has bounced back to $64,500 at the time of writing, its market capitalization has decreased to $1.270 trillion. However, BTC's dominance over alternative coins is rebounding, currently standing at 52.6%.

News.Az