Bitcoin briefly slumps below $63,000 after topping a record $73,000 last week
Bitcoin briefly slumps below $63,000 after topping a record $73,000 last week
Bitcoin extended its slide on Tuesday, dropping more than $10,000 at one point from its all-time high last week.The flagship cryptocurrency was last lower by 4% at $64,440.14, according to Coin Metrics. Earlier it fell to as low as $62,320.30, after reaching a record of $73,797.68 last week.“As ETFs buy up available supply of bitcoins on the open market and continue to reduce liquidity, these occurrences could become more frequent, and might cause people to lose faith in the integrity of bitcoin pricing and start looking further afield” to other crypto assets, said Bartosz Lipiński, CEO of Cube.Exchange.The move helped drag other cryptocurrencies lower. Ether lost more than 4% and was recently trading at $3,335.66, after topping $4,000 last week for the first time since December 2021 — a drop some analysts predicted following the network’s Dencun upgrade. The token tied to Solana fell 8% and dogecoin lost 5%.Crypto-related stocks cut earlier losses but remained under pressure. Bitcoin proxy MicroStrategy tumbled 5%, while crypto exchange Coinbase fell 4%. Mining stocks were initially down across the board, but some turned positive. The biggest ones, Riot Platforms and Marathon Digital, lower by 3% and 0.5%, respectively.“Overall, it would make sense for this pullback to be short-lived and for the rally to resume — though the spector of a recession next year looms over markets and could temper the rally in ways we may not be able to foresee,” Lipiński said.
