Bitcoin price dropped below $64,000, recording a 5% decline over the past 24 hours.

The currency traded around $63,971, amid a wave of declines that affected other cryptocurrencies, with Ethereum falling more than 4% to reach $1,864, while XRP declined over 2% to $1.35.

The biggest loss among major coins was in Solana, which decreased nearly 6% to $78.45 over the past 24 hours.

The decline in cryptocurrencies was driven by accelerated leveraged liquidations and increased selling pressures, which directly impacted investor sentiment, leading to a wave of rapid market volatility.

In less than five months, Bitcoin has lost about 49% of its value, wiping out approximately $1.2 trillion of the total market capitalization of cryptocurrencies.

$BTC

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