Bitcoin Drops to $60,000: Why Is It Down Right Now?

Due to a significant market slump, Bitcoin has dropped near $60,000, leaving many investors perplexed as to why the price has dropped so much in the current day. According to CoinMarketCap, the top cryptocurrency has dropped more than 5.9% in the past day.

The asset's market value has dropped overall, but in the past day, its trading volume has increased by around 290%. Due to the token's over $5,000 value loss from the previous week, traders are in dire need of information regarding the negative trend and when it might cease.

BTC Drops Significantly as the Market Turns Bearish

Since the beginning of the year, the performance of Bitcoin has been strongly correlated with its January approval of its Spot ETF. Its current decline is probably due to that link. A recent CoinShares report states that investors have withdrew $584 million from crypto-related exchange-traded products (ETPs).