Sharp decline in Bitcoin after record-breaking streak
Bitcoin, the cryptocurrency that has been breaking records throughout the week, experienced a sharp decline, losing 4.6 percent of its value. Bitcoin is currently trading at the $67,620 level.
The price of the cryptocurrency Bitcoin has been hitting record highs throughout the week as interest in spot Bitcoin exchange-traded funds (ETFs) continues.
Bitcoin, the world's largest cryptocurrency, which saw its all-time high by climbing to 73 thousand 798 dollars on Thursday, fell sharply with a 4.6 percent loss in value.
Bitcoin, which retreated to 67 thousand dollars on the last trading day of the week, is trading at the 67,809 dollar level as of 8:30 AM.
Expectations that major central banks will begin lowering interest rates this year and shift toward more supportive monetary policies had also supported the rise in Bitcoin. Analysts point out that the upward momentum in the cryptocurrency's price may continue due to the halving process, which will take place in April and reduce the supply of new Bitcoin.
The index of the top 100 tokens, including Bitcoin as well as Ether, BNB, and Solana, has risen by approximately 60 percent so far this year. The US Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11.
News Source: 12punto
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