Bitcoin drops to $64,000 amid global equity sell-off

economictimes.indiatimes.com:

Cryptocurrency markets were deeply in the red on Thursday as a slump in global tech stocks drove investors towards less risky assets.

The S&P 500 and Nasdaq ended at multi-week lows on Wednesday, with the S&P breaking one of its longest streaks with a daily decline of more than 2%. Increased market volatility triggered a sharp decline in the U.S. dollar, which fell another 0.7% to 152.78 yen on Thursday.

At 11:58 am IST, Bitcoin (BTC) was trading 2.7% lower at $64,114, while Ethereum fell 7.8% to $3,175. Meanwhile, the global cryptocurrency market cap declined by 3.55% to around $2.31 trillion in the last 24 hours.

«Bitcoin dropped to the $64,000 level following a sharp decline in US tech stocks, driven by disappointing earnings from major companies like Alphabet and Tesla. The ongoing selling pressure from Mt. Gox creditors also continue to weigh on the market. The next support levels are at $63,200 and $62,500, while resistance is at $65,500,» said Edul, CEO Of Mudrex.

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CoinSwitch Markets Desk commented, «The slump in BTC isn't an