Bitcoin price falls sharply for second consecutive day

Bitcoin’s Value Plummets to Nearly 14% Below Pre-Weekend Levels

The value of Bitcoin has declined by approximately one-third since the start of the year, with the digital currency experiencing a sharp drop in recent days. As of 01:00 GMT on Friday morning, Bitcoin was trading at around $62,900, representing a nearly 14% decrease from its previous day’s close.

This decline follows a tumultuous week for the cryptocurrency, which has seen significant losses since last weekend when it fell below $80,000. The price drop is part of a broader trend that began in October, when Bitcoin reached an all-time peak of over $127,000 amid geopolitical and regulatory uncertainty.

The latest downturn comes as investors have been selling off assets across various markets, including stocks and commodities. On Wednesday, the S&P 500 dropped 1.2%, while the Nasdaq Composite fell about 1.6%. Shares in tech giant Amazon plummeted more than 11% after-hours on Thursday due to concerns over its planned investment in artificial intelligence-related infrastructure.

In other markets, precious metals have also seen significant losses. Gold was down more than 4% on Thursday, trading at around $4,720 an ounce, while silver fell as much as 18.5%. The decline in Bitcoin’s value is being closely watched by investors and analysts, who are monitoring the situation for further developments.

A bill to regulate digital assets, backed by US President Donald Trump, has stalled in the US Senate amid divisions between banks and cryptocurrency firms. Meanwhile, a deal to invest $500m in a cryptocurrency firm has been reported, involving representatives of an Abu Dhabi official.

Source: Al Jazeera