Cryptocurrency Prices Correct Lower After Post-Halving Pullback; Bitcoin Drops Below $64,000
Cryptocurrency prices took a hit on Wednesday as Bitcoin experienced a rapid sell-off, dropping below $64,000. The post-halving pullback was in full swing, with concerns about the economy and interest rates weighing on traders’ minds.
Stocks opened higher after Tesla’s positive earnings report but turned red in the afternoon. The Nasdaq recorded a slight gain, the S&P was flat, and the Dow lost ground.
Bitcoin’s price swing from a high of $67,080 to a low of $63,560 caught the attention of analysts, who noted the impact of the US Dollar Index and the 10-year Treasury yield on the crypto market.
Market analyst Bloodgood highlighted the importance of Bitcoin holding the $60k level for bullish momentum to continue. Despite the recent bearish trend, he remains optimistic about a potential parabolic run in the next 18 months.
Meanwhile, altcoins in the top 200 recorded losses as traders shied away from riskier assets in the wake of Bitcoin’s drop. Meme coin Bonk was a standout performer, gaining 12.6%, while Gnosis led the losers with a 13% decline.
Overall, the cryptocurrency market cap stands at $2.36 trillion, with Bitcoin’s dominance rate at 53.1%. The post-halving volatility continues to shake up the market, leaving traders on edge about the future direction of digital assets.
