Bitcoin falls to four-month low near $62K as crypto selloff deepens
The global cryptocurrency market capitalization fell 4% to $2.26 trillion over 24 hours, while Ether and Solana posted double-digit weekly losses.
Cryptocurrency market value tumbled 4% in a single day, reaching $2.26 trillion, as Bitcoin plunged to a four-month low around $62,000. Ether and Solana experienced double-digit weekly declines. The downturn was driven by dwindling investor sentiment and concerns about institutional investments and liquidity constraints. Bitcoin's slide to $62,080.91 marked its lowest level since July, but it later recovered slightly above $65,000, still down nearly 15% over the past week.
Total crypto market value saw a similar 4% dip, contributing to a "extreme fear" rating on the Crypto Fear & Greed Index at 10. Net outflows from US spot Bitcoin exchange-traded funds amounted to $2.35 billion over two weeks, with BlackRock's iShares Bitcoin Trust experiencing an 11-day outflow streak. The latest decline followed Bitcoin's slide below $70,000, signaling potential further price declines to the $57,700 mark.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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