Bitcoin, the world's leading cryptocurrency, has experienced a significant drop in value, falling below the critical $63,000 mark on Thursday. This downward trend has been attributed to market capitulation and geopolitical tensions, which have led investors to become increasingly hesitant and risk-averse.
The decline of Bitcoin's value has not only erased recent gains but also significantly eroded its value from a notable peak observed last October. The previous surge was largely due to growing political support for the crypto sector, fueled by promises to establish the United States as the 'crypto-capital of the world.'
Market analysts are now sounding alarms, suggesting that the crypto ecosystem is entering a more severe phase. Nic Puckrin, founder of Coin Bureau, warned that Bitcoin's slide below $70,000 indicates that the crypto market is in full capitulation mode.