Bitcoin Declines to $61,000 over Retail Selloffs

Market price of world largest cryptocurrency fell to $61,300 on Wednesday due to retail selloffs. The latest slump reversed moderate rebound witnessed in the crypto space yesterday.

The price of bitcoin (BTC-USD) declined on Wednesday as retail selloffs impacted the market.

After rising on Tuesday, with BTC-USD rising to near the $62,000 mark, the world’s largest cryptocurrency fell to $61,300 on Wednesday, according to data from CoinDesk.

The CoinDesk Market Index, which tracks 192 digital assets, was up 4% in the past 24 hours.

Bitcoin (BTC-USD) climbed more than 4% on Tuesday to $62,094.29 as trading volume shrank 10.3% to $34.35 billion.

The price of BTC-USD varied greatly on Monday, with the lows reaching $60,000 and the highs reaching $62,200. This occurred as the crypto market experienced a moderate rebound.

The latest slump comes after the cryptocurrency market experienced a difficult week, with BTC-USD falling below the crucial $60,000 level on Monday morning.

The price of BTC-USD has risen significantly in recent weeks, reaching an all-time high of over $68,000 in early November. However, the cryptocurrency has since experienced a downturn.

In other crypto news, the price of ether (ETH-USD) remained largely unchanged on Wednesday, trading at $3,377, according to data from CoinMarketCap.com.

BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, rose 037% on Wednesday, while Solana (SOL-USD), the fourth-largest, dipped by 0.7%.

XRP (XRP-USD) added 2%, Dogecoin (DOGE-USD) surged 10.5%, Cardano (ADA-USD) advanced 7.4%, while Toncoin (TON-USD) was up 1.7%.

The US 10-year Treasury yield closed at 4.238%, down from Monday’s 4.248%, while the five-year Treasury yield closed at 4.263%, down from 4.271%.

The global market value of the cryptocurrency industry was down by 0.11% in the past 24 hours to $2.27 trillion.

Details from crypto exchange showed that trading volume decreased 27.22% to $62.89 billion.

The total volume in DeFi is currently $4.01 billion, accounting for 6.38% of the total crypto market 24-hour volume.

The volume of all stable coins is now $59.36 billion, which is 94.39% of the total crypto market 24-hour volume.