Bitcoin has dropped for the fourth straight session, losing over $6,500 in 24 hours, down 11% from $60,182 to $53,600 on Friday.
At 2 PM today, Bitcoin fell 8.1%, reaching its lowest level since February 2024, and was trading around $54,300.
At 5 PM, Bitcoin was trading at $55,335, still down 4.28% since Thursday.
Bitcoin is now down about 25% from its March 2024 record high. Initial excitement over US exchange-traded funds investing in Bitcoin has turned to fears of prolonged high interest rates and political uncertainties.
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Bitcoin reached an all-time high of $73,798 in March, fueled by strong demand for the first US ETFs linked to the top coin. However, inflows have since slowed, pulling down Bitcoin and the broader digital asset market. The approval of US ETFs for Ethereum is pending, but interest may wane if the sell-off continues.
According to Coinglass, over $800 million in bullish crypto positions have been liquidated in the past three days, marking one of the most significant liquidations since April 2024.
