With no sign of a rebound as tech stocks keep falling, cryptocurrency prices are plunging day after day. Bitcoin at one point dropped near $72,000.
As of 8:10 a.m. on the 5th, on CoinMarketCap, a global coin quote tracking site, Bitcoin was trading at $72,525, down 3.77% from 24 hours earlier. It is the first time in 15 months, since Nov. 2024, that Bitcoin has fallen below $73,000.
Other major cryptocurrencies are also falling. Ethereum is down 4.31% from 24 hours earlier at $2,121. Over the same period, XRP (Ripple) is down 4.29% at $1.5, and Solana is down 7.32% at $90.
The decline is attributed to continued weakness in tech stocks on the New York stock market from the previous day. The S&P 500 fell 58.63 points, or 0.84%, to 6,917.81, and the tech-heavy Nasdaq composite fell 336.92 points, or 1.43%, to 23,255.19. The Dow Jones industrial average ended down 166.67 points, or 0.34%, at 49,240.99.