Bitcoin, the world’s largest cryptocurrency by market capitalisation, has dropped below $63,000 — its lowest level since October 2024.
The digital currency traded 13.9 percent lower on Thursday, falling to $62,965 as of 10:20 pm, according to data from CoinMarketCap.
The latest downturn comes as investor confidence in bitcoin’s utility as a store of value, an inflation hedge, and a digital currency continues to weaken.
Bitcoin is reportedly down about 45 percent over the past year.
The cryptocurrency has been on a steady decline for more than three months and is now over 45 percent below its October peak, when it recorded its highest price.
Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalisation, also fell by 13 percent to $1,863.
CoinMarketCap also reported that the global cryptocurrency market capitalisation shrank to $2.19 trillion, with over $263 billion in transactions recorded as of 10:00 pm on Thursday.
The latest slump in bitcoin comes amid a worsening sell-off in United States technology stocks, according to reports.
Since the beginning of the year, bitcoin’s value has dropped sharply.
On October 5, the world’s largest cryptocurrency by market capitalisation reached a new all-time high of over $125,000. The price represented a 97 percent increase from about $62,000 recorded in October 2024.
However, a few days later, bitcoin’s price fell sharply to $112,000.
The dip left investors with billions of dollars in losses, once again underscoring the volatility associated with the cryptocurrency market.
