Bitcoin (BTC), which is the digital currency, fell below $60,000 as US stock markets opened on April 17, marking a return of prices to those seen at the beginning of March before it rose to new heights.
According to CryptoSlate, the flagship cryptocurrency reached a low of $59.658 and then modestly recovered to $60,800 at press time.
Bitcoin was still clinging on to the $60.500 level of support after a decrease in selling pressure. Bulls were attempting to recover above $61,000.
Turbulence in the market
The decline comes during a time when the markets are undergoing general turmoil, as both Bitcoin and traditional stock markets show signs of stress.
Bitcoin reached this level last on 5 March, just before rocketing up to a record-breaking 73,780 dollars on 13 March. Since reaching that peak, BTC has experienced significant fluctuations — trading in a massive range between $59,000 and $72,500 since the start of April.
Experts attribute the current market volatility, which is a result of a number of macroeconomic issues including persistent inflation in the United States. Similarly, key stock indices such as the S&P 500, Dow Jones, and Nasdaq were all reported to be down today, reflecting broader economic uncertainties.
Further adding to the market’s cautious sentiment, Federal Reserve…
