Bitcoin Price Plummets Below $63,000 as Market Volatility Intensifies

Bitcoin's price has been on a downward trend in recent days, falling below $63,000 for the first time since February. The cryptocurrency has lost significant value over the past week, with a decline of over 14% and a drop of 21% over the past four weeks.

The sell-off has triggered demand for protective options plays, pushing up the fear gauge to its highest level since early April. This indicates that investors are becoming increasingly risk-averse in response to the market downturn.