By Abubakar Yunusa
Bitcoin, the world’s largest cryptocurrency by market capitalisation, has dropped to below $63,000 — its lowest level since October 2024.
The digital currency’s price traded 13.9 percent lower on Thursday, falling to $62,965 as at 10:20 pm, according to data from coinmarketcap.com.
The latest downturn comes as investor confidence in bitcoin’s utility as a store of value, inflation hedge, and digital currency falters.
Bitcoin is reportedly down 45 percent over the past year.
The cryptocurrency has been on a steady decline for more than three months and is now more than 45 percent below its October record when it hit its highest.
Meanwhile, Ethereum, the second-largest cryptocurrency by market cap, also dropped by 13 percent to $1,863.
CoinMarketCap also said the global digital currency market cap shrank to $2.19 trillion, recording over $263 billion transactions as at 10:00 pm on Thursday.
The latest move in bitcoin comes amid a worsening sell-off in United States tech stocks, according to reports.
Since the beginning of the year, bitcoin’s value has dropped drastically.
On October 5, the world’s largest cryptocurrency by market capitalisation hit a new all-time high of over $125,000.
The price represented a 97 percent jump from about $62,000 recorded in October 2024.
However, a few days later, the price of bitcoin dropped sharply to $112,000.
The dip had left investors with billions of dollars in losses, highlighting the volatility associated with the industry.
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