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Bitcoin Faces Significant Decline Amid Market Sell-Off

Bitcoin experiences a major price drop alongside other cryptocurrencies and related stocks due to a market-wide sell-off.
Published on 2024-03-19

Bitcoin's Recent Price Drop

Bitcoin (BTC) experienced a sharp decline of 6% recently, marking its most significant daily drop in two weeks. This downturn was part of a broader sell-off affecting cryptocurrencies and various risk-prone assets. The price of Bitcoin fell to $62,966, later recovering slightly to $63,650.

Impact on Cryptocurrencies and Stocks

The decline was not limited to Bitcoin. Ethereum's ether also dropped by 6.8%, and other altcoins followed suit. The downturn extended to crypto-related stocks, with Coinbase (NASDAQ:COIN) experiencing a 6% drop and Riot Platforms (NASDAQ:RIOT) losing 4.7% in premarket trading. Additionally, MicroStrategy (MSTR) and Marathon Digital (NASDAQ:MARA) saw declines of 10% and 6.6%, respectively.

Bitcoin's Yearly Performance

Despite the recent losses, Bitcoin has shown a 52% gain so far this year. This growth has been fueled by the excitement surrounding U.S. exchange-traded funds (ETFs) based on Bitcoin. Last Thursday, Bitcoin reached an all-time high of nearly $74,000, driven by investor optimism.

Market Influences

The recent sell-off can be attributed to profit-taking actions and new U.S. economic data, which have dampened hopes for Federal Reserve interest rate cuts this year. Over the past week, Bitcoin's value has decreased by nearly 9%, marking its largest weekly loss since last September.

By understanding these dynamics, investors can better navigate the volatile cryptocurrency market.

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