- Bitcoin saw its biggest single-day drop in two weeks on Tuesday, falling 6% to below $63,000 and dragging down crypto stocks.
- The price decline was seen across crypto assets like Ethereum, with altcoins also falling. Crypto-exposed stocks like Coinbase and Riot Platforms plunged in tandem.
- Despite the recent sell-off, Bitcoin has still gained 52% year-to-date in 2022. Enthusiasm around new crypto ETFs had propelled it to an all-time high last week before economic forces tempered the rise.
Bitcoin saw its biggest single-day drop in two weeks on Tuesday, falling 6% to below $63,000. The leading cryptocurrency dragged down crypto stocks as investors sold off risk assets.
Price Drop Across Crypto Assets
The price of Bitcoin fell to $62,966 before recovering slightly to $63,650. Ethereum‘s ether also saw a significant 6.8% decline, with altcoins following suit. The crypto market has been hit with widespread selling pressure.
Crypto Stocks Plunge
Crypto-exposed stocks plunged in tandem with Bitcoin’s decline. Coinbase dropped 6% in premarket trading, while Riot Platforms was down 4.7%. MicroStrategy and Marathon Digital saw even steeper losses of 10% and 6.6%, respectively.
Bitcoin Still Up Significantly in 2022
Despite the recent sell-off, Bitcoin has still gained 52% year-to-date. Enthusiasm around new U.S. crypto ETFs had propelled Bitcoin to an all-time high of nearly $74,000 last week.
Economic Forces Temper Bitcoin’s Rise
However, profit-taking and new data signaling higher interest rates have cooled Bitcoin’s ascent. The leading cryptocurrency saw its biggest weekly drop since last September, falling 9% over the past week.
