Bitcoin, the world’s largest cryptocurrency by market capitalisation, has fallen below the $63,000 mark, recording its lowest level since October 2024.
Market data from coinmarketcap.com shows that the digital asset dropped by 13.9 percent on Thursday, trading at $62,965 as of 10:20 pm.
The decline is linked to weakening investor confidence in bitcoin’s role as a store of value, an inflation hedge, and a reliable digital currency.
Reports indicate that bitcoin is down by about 45 percent over the past year.
The cryptocurrency has been on a consistent downward trend for more than three months and is now over 45 percent below its October peak, when it reached its highest price.
Ethereum, the second-largest cryptocurrency by market capitalisation, also recorded losses, shedding 13 percent to trade at $1,863.
CoinMarketCap reported that the total global cryptocurrency market capitalisation fell to $2.19 trillion, with transactions exceeding $263 billion as of 10:00 pm on Thursday.
The latest slump in bitcoin’s price comes amid an intensifying sell-off in United States technology stocks, according to reports.
Since the start of the year, bitcoin’s value has declined sharply.
On October 5, the world’s largest cryptocurrency by market capitalisation surged to a new all-time high of over $125,000.
That price marked a 97 percent increase from about $62,000 recorded in October 2024.
However, the rally was short-lived, as bitcoin’s price plunged to $112,000 a few days later.
The sharp drop wiped out billions of dollars in investor value, once again underscoring the volatility of the cryptocurrency market.