Bitcoin has dropped below the $80,000 mark amid a broader cryptocurrency market downturn, wiping out approximately $1 trillion from the total market value.
The decline, amounting to a 25% drop from Bitcoin’s all-time high of nearly $110,000, has sparked concerns among investors and analysts about potential further losses.
Market observers warn that this correction could deepen, with some suggesting that Bitcoin’s price may stabilize around $70,000 if negative market sentiment persists. Analysts attribute the downturn to a combination of technical factors and external economic influences, including US stock market fluctuations and ongoing international trade tensions.
Adding to the uncertainty, the Crypto Fear & Greed Index has dropped to one of its lowest levels since September, signaling heightened caution among traders. Experts suggest that Bitcoin’s volatility, coupled with broader economic concerns, may be prompting investors to shift capital away from riskier assets.
With input from Forbes.
