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In summary
- The price of Bitcoin briefly fell below $70,000 on Thursday after approaching a new all-time high earlier in the week.
- The world’s largest Cryptocurrency fell 2.8% to $70,300 in the last 24 hours, according to data from CoinGecko.
- The drop comes as traders sold off stocks, with the Nasdaq and S&P 500 having their worst day in a month.
The price of Bitcoin briefly fell below $70,000 on Thursday after approaching a new all-time high earlier in the week.
On Tuesday, the asset nearly surpassed its March record of $73,737. He then remained lateralized before falling on Thursday.
In the last 24 hours, the world’s largest cryptocurrency fell 2.8% to $70,300, according to data from CoinGecko.
Its decline comes as traders sold off stocks, with the Nasdaq and S&P 500 having their worst day in a month after top tech companies Meta and Microsoft said they would spend more to meet growing demand for AI.
Bitcoin and the broader cryptocurrency market have traded closely with large-cap tech stocks and the broader market this year.
Among the top 10 cryptocurrencies, Ethereum has taken the biggest hit, falling 5.3% to $2,500. Meanwhile, Dogecoin came in second, down 4.4% to $0.16 after a major rally earlier in the week.
The price drop also comes as the race for the White House heats up: Kamala Harris was slightly ahead of Donald Trump on Thursday, according to a new CNN poll conducted by SSRS.
Former President Trump has emerged as the outlaw candidate in recent months, while Vice President Harris, by comparison, has spoken extensively about cryptocurrency regulation and Blockchain technology.
In any case, analysts at JP Morgan said on Thursday that Bitcoin will see upward momentum if Trump wins next week.
Edited by Sebastian Sinclair
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