The biggest cryptocurrency, Bitcoin (ETH), had a temporary dip below the crucial $60,000 earlier today on the Bitstamp platform.
The leading cryptocurrency fell to an intraday low of $59,672 on the Bitstamp platform at 16:07 UTC.
The largest cryptocurrency has already rebounded to $61,764, although it is still far from reaching its intraday high of $64,636.
The price of the cryptocurrency king has fallen below $60,000 for the first time in almost a month. On March 5, bitcoin fell as low as $59,313; however, it bounced back the next day and reached an all-time high of $73,679 on the Bitstamp market on March 13.
The biggest cryptocurrency is facing two challenges at once: declining inflows into exchange-traded funds (ETFs) and Fed Chair Jerome Powell’s increasingly bellicose comments. Another $59.3 million worth of withdrawals from Bitcoin were registered on Tuesday. In the meanwhile, JPMorgan has forecast that “above-trend” GDP growth will force the Fed to take a more aggressive stance.
More than half a million people follow the anonymous cryptocurrency trader DonAlt on social networking platform X, and he recently stated that a “washout” below the previously indicated $60,000 level seemed “much more attractive” at this time.
The most popular cryptocurrency, Ethereum (ETH), too had a price decline below the crucial $3,000 mark before recovering some of its losses. Based on statistics from CoinGecko, Dogecoin (DOGE) is the largest loser among the top 10, down about 2.5 percent.
Based on statistics from CoinGlass, around $214 million worth of cryptocurrency has been liquidated in the last day.
