Bitcoin falls below $64,000 amid global equity slump and geopolitical tensions
Global equities turned lower on Thursday amid weak US manufacturing data, which raised doubts about the US economy and countered optimism about potential Federal Reserve interest rate cuts.
Geopolitical tensions also weighed on sentiment after the Israeli military said on Thursday that Mohammed Deif, the head of Hamas' military wing, was killed in an Israeli airstrike in Gaza, following the death of the group's political leader, Ismail Haniyeh, in Tehran on Wednesday.
These developments have added pressure to crude oil prices, which have risen over 2% in the last three days. Crude oil prices are crucial for global inflation.
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View Details»At 11:56 PM IST, Bitcoin (BTC) was trading 0.55% lower at $63,867, while Ethereum was down 1.15% at $3,131. Earlier in the day, BTC touched a low of $62,249. Meanwhile, the global cryptocurrency market cap dropped by 0.8% to around $2.29 trillion in the last 24 hours.
«This sharp downturn is primarily attributed to heightened selling pressure and market volatility as traders responded to the rapid price surge,»
