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Bitcoin Dumped to $62,000 and Here is Why

by Sham
March 19, 2024
in Crypto
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Bitcoin Dumped to $62,000 and Here is Why
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  • Bitcoin saw its biggest single-day drop in two weeks on Tuesday, falling 6% to below $63,000 and dragging down crypto stocks.
  • The price decline was seen across crypto assets like Ethereum, with altcoins also falling. Crypto-exposed stocks like Coinbase and Riot Platforms plunged in tandem.
  • Despite the recent sell-off, Bitcoin has still gained 52% year-to-date in 2022. Enthusiasm around new crypto ETFs had propelled it to an all-time high last week before economic forces tempered the rise.

Bitcoin saw its biggest single-day drop in two weeks on Tuesday, falling 6% to below $63,000. The leading cryptocurrency dragged down crypto stocks as investors sold off risk assets.

NEW: #Bitcoin dumped $10,000 to a local low of $62,400 which is still higher than its lowest point in March pic.twitter.com/n0lIDPDnTc

— BlockNews.com (@blocknewsdotcom) March 19, 2024

Price Drop Across Crypto Assets

The price of Bitcoin fell to $62,966 before recovering slightly to $63,650. Ethereum‘s ether also saw a significant 6.8% decline, with altcoins following suit. The crypto market has been hit with widespread selling pressure.

Crypto Stocks Plunge

Crypto-exposed stocks plunged in tandem with Bitcoin’s decline. Coinbase dropped 6% in premarket trading, while Riot Platforms was down 4.7%. MicroStrategy and Marathon Digital saw even steeper losses of 10% and 6.6%, respectively.

Bitcoin Still Up Significantly in 2022

Despite the recent sell-off, Bitcoin has still gained 52% year-to-date. Enthusiasm around new U.S. crypto ETFs had propelled Bitcoin to an all-time high of nearly $74,000 last week.

Economic Forces Temper Bitcoin’s Rise

However, profit-taking and new data signaling higher interest rates have cooled Bitcoin’s ascent. The leading cryptocurrency saw its biggest weekly drop since last September, falling 9% over the past week.

Tags: BitcoincryptoFederal ReserveNasdaqRiot Platforms
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