Bitcoin Price Fell To $66,700
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Bitcoin fell to $66,896.43 today, with investor sentiment increasingly shifting toward “extreme fear,” suggesting the decline could continue. The Fear and Greed Index reached level 11, a level seen only a handful of times in the past. Bitcoin has been falling for quite some time now—in mid-January, its price fell to $92,000, and on February 1, it fell to $80,000.
“Market sentiment has deteriorated sharply,” noted Jasper De Marais, a strategist at trading firm Wintermute. “The crypto market is still feeling tired, and we don’t see much appetite for action at current levels.”
The price of ether, the second-largest cryptocurrency, fell 10% to $1,947. Its value has fallen nearly 38% year-to-date.
Following Trump’s election victory, Bitcoin has surged in price thanks to his promises to make the US the “crypto capital of the world” and to ease regulations on the crypto industry.
Last month, traders on the market prediction platform Kalshi began betting on how far Bitcoin’s price would fall this year. They predicted a 75% chance of a drop below $60,000.
The situation could change if the correlation with the iShares Expanded Tech Software ETF, which has risen slightly, continues. The valuation of such funds often reflects historical trends in cryptocurrency prices.
At the time of publication, the Bitcoin price had risen slightly to $67,383.84.
