Bitcoin and Ethereum Experience Significant Decline

Bitcoin and Ethereum continued their downward trend, as the cryptocurrency market experienced another day of losses. According to coindesk data, Bitcoin dropped 6.32% to $62,328, while Ethereum sagged 5.67% to $1,746.3.

The prediction market platform Kalshi estimated that there is a high likelihood of Bitcoin falling below $60,000 this year, with an 80% probability and a 52% chance of dropping below $50,000.

Hong Kong-listed cryptocurrency ETFs also felt the pressure, with several funds experiencing significant losses. CAM BTC (03042.HK) hit a low of HKD7.475 and last quoted at HKD7.625, down 6.56%. Other funds, including FA CSOP BTC (03066.HK), BOS HSK BTC (03008.HK), HGI ETH (03179.HK), HGI BTC (03439.HK), and CAM ETH (03046.HK) also declined.