Bitcoin value hits $65K, erasing 2-week upswing

Bitcoin’s value plunges to $65,000, wiping out all of its gains of the past two weeks

Bitcoin fell to around $65,000 early Tuesday to erase all of its gains of the past two weeks.

The price of Bitcoin, the world’s biggest cryptocurrency, was trading around $65,500 at 4:28 a.m. GMT for a daily loss of 3.6%, according to data from CoinMarketCap, a digital asset price-tracking website.

Ethereum, the world’s biggest altcoin by market cap, fell 5.3% to $3,390 at the time. Some altcoins saw their prices plummet as much as 17%.

The value of the cryptocurrency market was down 3.8% to $2.47 trillion, while Bitcoin’s share of the crypto market, known as dominance, was at 52.3% and Ethereum’s dominance at 16.6%.

Most analysts view the major selloff in the cryptocurrency market as a correction after Bitcoin saw its price climbing to an all-time high of $73,666 last Thursday, the highest level in its 15-year history. The next day, it pulled back from its record-high level, and the cryptocurrency market rally has paused.

Bitcoin has been rallying since Jan. 11, when the U.S. Securities and Exchange Commission approved spot Bitcoin exchange-traded funds. This move allowed investors, especially financial institutions, to trade Bitcoin without owning it.

Source: AA

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