Bitcoin Plunges Below $65,000 Amid Intensified Whale Selling

Bitcoin's price has taken a significant hit, falling below the psychologically significant $65,000 level. The decline is largely attributed to increased selling pressure from large holders, known as 'whales', who are liquidating their positions and contributing to the downward pressure on prices.

The recent drop in Bitcoin's value has not been isolated, with other major cryptocurrencies such as Ethereum and XRP also experiencing significant losses. According to market data, Ethereum has fallen around 5.5% in 24 hours, while XRP is down around 5.9%. Other major tokens like BNB and Solana have also declined, with prices down by around 5.7% and 8.3%, respectively.

Market analysts believe that the recent drop may be the start of a prolonged bottom-building phase, with the potential for further downside pressure emerging in the days ahead. The decline has coincided with renewed trade tensions, with President Donald Trump's decision to raise global tariffs from 10% to 15% adding to investor concerns and weighing on the crypto market.