The price of Bitcoin (BTC) has fallen 8% in the last 24 hours to trade at $67,400 U.S. amid a sudden correction in digital assets.
Smaller cryptocurrencies are also in decline in what looks like a pullback after a strong rally in recent weeks.
Bitcoin is coming down from an all-time high of almost $74,000 U.S. in recent days as the largest cryptocurrency by market capitalization gained more than 65% to start the year and saw its market capitalization grow by $2.6 trillion U.S.
Analysts are calling the current drop in Bitcoin’s price a short-term pullback and noting that the crypto sector still has several upcoming catalysts.
Analysts and traders remain bullish about the prospect of spot Ethereum (ETF) exchange-traded funds (ETFs) being approved by regulators later this year.
They’re also particularly excited about Bitcoin’s halving event scheduled for April 20, which is when the amount of Bitcoin and the rewards given to miners are cut in half.
The halving event will restrict the supply Of Bitcoin at a time when demand has been rising, potentially boosting its price.
And, despite the current downturn, investor capital continues to flow into the new crop of spot Bitcoin ETFs at a record pace.
Ethereum, the second-largest crypto by market cap, has seen its price fall 8% to below $3,700 U.S. in the past 24 hours.
Smaller tokens such as Cardano (ADA), Polygon (MATIC), and Dogecoin (DOGE) have seen their prices drop between 5% and 12%.
