Bitcoin's price dropped below $61,000, a decline following its all-time high of nearly $73,800, contributing to the cryptocurrency market's $400 billion loss since the peak. Profit-taking and large outflows from the Grayscale Bitcoin Trust fund are partly responsible for Bitcoin's sell-off. Bitcoin remains up over 120% in the past year due to factors like the launch of Bitcoin ETFs in the US and the upcoming Bitcoin halving event. If Bitcoin falls below $60,000, some analysts say it could weaken to test support around $50,000-$52,000.
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00:00 It's Benzinga and here's what's on the block.
00:02 Bitcoin's price dropped below $61,000, a decline following its all-time high of nearly $73,800,
00:09 contributing to the cryptocurrency market's $400 billion loss since the peak.
00:14 Profit-taking and large outflows from the grayscale Bitcoin Trust Fund are partly responsible
00:18 for Bitcoin's sell-off. Bitcoin remains up over 120% in the past year due to factors
00:22 like the launch of Bitcoin ETFs in the U.S. and the upcoming Bitcoin halving event.
00:27 If Bitcoin falls below $60,000, some analysts say it could weaken to test support around $50,000
00:32 to $52,000. Over $150 million flowed out of Bitcoin ETFs in one day, with the grayscale
00:38 trust seeing over $640 million in outflows. For all things money, visit Benzinga.com.