Bitcoin Dips Below $70k, Logs 1.10% Daily Decline
On March 29, 2024, the world's leading cryptocurrency, Bitcoin (BTC), experienced a sharp downturn, dropping below the crucial $70,000 mark. This marks Bitcoin's first significant decline since reaching a high of $68,000 on March 17
On March 29, 2024, the world's leading cryptocurrency, Bitcoin (BTC), experienced a sharp downturn, dropping below the crucial $70,000 mark. This marks Bitcoin's first significant decline since reaching a high of $68,000 on March 17.
Over the past 24 hours, the price of Bitcoin has fallen by 1.10% to trade at $69,800 per coin. The drop extends the cryptocurrency's recent pullback, with its price having shed over 5% since hitting a high of $75,000 earlier this month.
Analysts attribute Bitcoin's recent slide to a combination of factors, including hawkish rhetoric from the U.S. Federal Reserve and uncertainty related to the ongoing war in Ukraine. The Fed has indicated plans to start raising interest rates later this year, prompting investors to sell off riskier assets, including Bitcoin. Additionally, the ongoing conflict in Ukraine has cast uncertainty on the crypto market, leading investors to adopt a cautious stance.
Despite the recent dip, Bitcoin remains the largest cryptocurrency by market capitalization, exceeding $1.1 trillion. As market conditions continue to evolve, Bitcoin's price is likely to experience further volatility, and investors should monitor market dynamics closely.
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