Bitcoin Price Falls Below $63,000
Bitcoin fell early Tuesday, dragging other cryptocurrencies and shares of Coinbase along with it.
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Bitcoin fell early Tuesday, dragging other cryptocurrencies and shares of Coinbase along with it.#btc #cryptocurrency pic.twitter.com/kKw3qjuEuG
— The_Journalbiz (@the_journalbiz) March 19, 2024
Coindesk chart
The drop builds on a recent pullback, and leaves the world’s biggest cryptocurrency down more than $10,000 from the record intraday high of nearly $73,679 it hit Wednesday.
The digital token recently traded at about $62,800, down 6% from Monday’s 4 p.m. ET price.
Ether dropped about 7% to $3,253.
Shares of Coinbase, the U.S.’s largest crypto exchange, fell 8.5%.
Bitcoin prices were due a correction, given market exuberance since exchange-traded funds based on spot bitcoin launched earlier this year, said Ilan Solot, a strategist at London-based Marex Solutions.
These ETFs saw net outflows Monday, as investors pulled money out of funds run by Grayscale, Solot said.
- BTCUSD (CoinDesk Indices)
- 64897.89-2060.79-3.08%
- Coinbase Global Inc.
- COIN (U.S.: Nasdaq)
- $232.18 USD-7.44-3.10%
- Grayscale Bitcoin Trust (BTC)
- GBTC (U.S.: NYSE Arca)
- $57.85 USD-1.73
