Bitcoin slid below $60,000 as euphoria over the first U.S. crypto ETF dissipated and traders took profits following a record-breaking rally.
The biggest digital asset by market value fell as much as 6.4% to $58,132, reaching the lowest intraday price in almost two weeks. It peaked at $66,976 on Oct. 20. Ether also sank about 7.5% and smaller tokens took a hit as well, with Dogecoin and Solana each tumbling more than 8%. The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital coins, fell 7.5% at one point.
“I’m not surprised Bitcoin hit a wall at $67,000, having passed the April high, given the speed of the move from $30,000 in July,” said Antoni Trenchev, managing partner and co-founder of Nexo, a crypto lender. “Bitcoin needs to cool off before it embarks on its next leg up.”