Bitcoin has fallen to below $87,000, marking its lowest level since mid-November, amid a broader decline in the tech stocks market.
Current Situation in the Cryptocurrency Market
Today, Bitcoin fell below $87,000, its lowest level since mid-November. The sell-off extended to other major cryptocurrencies, such as Ethereum, XRP, and Solana.
Expert Opinions
Experts cite Bitcoin’s correlation with tech stocks as a reason for its decline. Rebecca Patterson, a senior fellow at the Council on Foreign Relations, noted that cryptocurrencies typically closely follow technology stocks.
Regulations and Risks
Despite the potential for more favorable regulatory conditions in the crypto industry, concerns over systemic risks persist. The recent $1.5 billion hack on Bybit stands as an example of vulnerabilities within the industry.
Investors continue to watch the market developments, and how much further Bitcoin can fall depends largely on developments in the tech market and potential regulatory decisions.
