Bitcoin fell below $64,000 on Thursday morning as tech stocks continued to fall. The flagship cryptocurrency was trading around $63,240 as of mid-morning, down more than 2.5%.
The price drop will be after a week Bitcoin halving, the reward to miners was split from 3.125 Bitcoins to 6.25 Bitcoins.Top Cryptocurrency celebrated post-halving phase Early this week. Now, The cryptocurrency lost nearly 10% of its value in one month.
The decline in Bitcoin prices was mainly due to the decline in major US technology stocks, which was triggered by the weak earnings reports of Meta and IBM. in the morning, Meta's stock fell more than 12%.meanwhile IBM fell more than 8%. Microsoft and Google's parent company Alphabet are expected to release earnings reports after the market closes on Thursday. The stock prices of both companies were down 4.4% and 2.5%, respectively, as of mid-morning.
Bitcoin typically tracks U.S. tech stocks, as both are considered high-yield investments and are tied to future technology developments. Furthermore, Bitcoin and blockchain technology are becoming more mainstream. Involvement of large companies such as BlackRocksimilarly Launch of Spot Bitcoin ETF.
After the Bitcoin price drop, bearish sentiment spread throughout the crypto market, resulting in The global cryptocurrency market capitalization decreased by 2.16% to $2.35 trillion. Ether, the second-largest cryptocurrency by market capitalization, fell 2.6% and hovered around $3,100. Solana is down nearly 6%, trading around $145 as of mid-morning. Top meme coin Dogecoin lost 3.5% in value, trading at $0.14. According to CoinMarketCap.
