The cryptocurrency attempted to mount a recovery on Wednesday, but it fell even lower, momentarily falling below $61,000 during a tumultuous trading session.
Over the last year, Bitcoin has experienced remarkable growth, rising 124%. Last week, the largest cryptocurrency in the world reached a record high of just under $73,800.
The January introduction of spot bitcoin exchange-traded funds in the United States and the impending halving—an event encoded in the cryptocurrency’s code that essentially reduces the amount of digital currency available for purchase—have both contributed to the price of the coin. Halving has helped prices in the past.
Since the peak of the bitcoin market, the worth of all cryptocurrencies has decreased by around $370 billion, as the value of other digital assets like ether and solana has also dropped precipitously. Most likely, profit-taking after a strong surge in cryptocurrency prices is contributing to the fall.
Source (CNBC)
