Bitcoin took a sharp nosedive on Thursday, dragging the broader crypto market as value slid by about $2 trillion. A wave of red spread beyond digital assets, hitting tech stocks and even precious metals. The selloff deepened as investors grew wary over potential shifts in Federal Reserve policy, undercutting risk appetite across markets.
Bitcoin fell to a 16-month low, hovering close to the $60,000 level as investors retreat from higher-risk assets. The pressure follows broad selloffs in technology stocks that have spilled into crypto markets. Ether also dropped, and the wider cryptocurrency sector has erased trillions of dollars from its all-time high, underscoring a tough stretch for digital assets.
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Since October 2024, global crypto markets have shed a staggering $2 trillion, with Bitcoin and Ether both sliding sharply. Analysts point to institutional investors pulling out of crypto exchange-traded funds as a key catalyst, compounded by a broader weakness in tech stocks. The shakeout raises urgent questions on what investors should do next.
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