- Reaction score
- 1,697
Bitcoin slid further on Wednesday, briefly dipping below the $61,000 mark after, continuing a sell-off that began after the cryptocurrency hit an all-time high last week.
At around 03:38 a.m. ET, bitcoin had bounced back to trade just over $62,900, down around 2.5% from 24 hours prior, according to CoinDesk data.
Bitcoin has had a stellar run and is up 124% in the past year. The world’s biggest cryptocurrency hit a record high of just under $73,800 last week.
The cryptocurrency’s price has been supported by the launch of the spot bitcoin exchange-traded funds in the U.S. in January, as well as by the upcoming halving — an event written in bitcoin’s code, which effectively slows the supply of the digital coin onto the market. Historically, halving has supported prices.
At around 03:38 a.m. ET, bitcoin had bounced back to trade just over $62,900, down around 2.5% from 24 hours prior, according to CoinDesk data.
Bitcoin has had a stellar run and is up 124% in the past year. The world’s biggest cryptocurrency hit a record high of just under $73,800 last week.
The cryptocurrency’s price has been supported by the launch of the spot bitcoin exchange-traded funds in the U.S. in January, as well as by the upcoming halving — an event written in bitcoin’s code, which effectively slows the supply of the digital coin onto the market. Historically, halving has supported prices.
