The global cryptocurrency market has lost $400 billion U.S. of value in recent days as the decline in Bitcoin’s price worsens.
Over the past 24 hours, Bitcoin’s price fell below $61,000 U.S. before recovering to currently trade right around $63,000 U.S.
Bitcoin has now decreased 15% from an all-time high of $73,794 U.S. reached on March 14 of this year. So far in 2024, Bitcoin’s price is up 43%.
The sharp pullback in Bitcoin has dragged the entire cryptocurrency market lower in recent days, with Ethereum (ETH) now trading at $3,200 U.S., down from more than $4,000 U.S. a week ago.
Cryptocurrencies had been rallying after spot Bitcoin exchange-traded funds (ETFs) launched in the U.S. in mid-January.
Analysts continue to say that much of the current decline is likely due to profit taking on the part of short-term investors.
However, the entire cryptocurrency market has lost about $400 billion U.S. of market value as the decrease in Bitcoin accelerates.
There is hope that an upcoming halving event in April, which is when the amount of Bitcoin that can be mined is reduced by 50%, will help to support crypto prices in coming weeks.
