Bitcoin hits lowest since February as crypto competes for liquidity with blockbuster IPOs
Bitcoin has fallen to its lowest level since February, reaching $65,385 after a 2.3% decline. This drop is attributed to investors shifting their focus to equities, particularly with several high-profile IPOs on the horizon. Experts warn that if Bitcoin breaks below the mid-$60,000 range, it could face a sharper decline towards $60,000 and potentially lower.
- ▪Bitcoin declined to $65,385, its lowest since February.
- ▪The decline is linked to investors moving towards equities and upcoming IPOs.
- ▪Experts are monitoring the mid-$60,000 range for potential support levels.
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Bitcoin declined Wednesday to its lowest levels since February as other asset classes continued to lure investors away from cryptocurrencies.The world's largest cryptocurrency fell to as low as $65,385, dropping 2.3%. That came after the S&P 500 and Nasdaq 100 closed at records on Tuesday. Asian stocks mostly rose with Japan's Nikkei 225 hitting a record high Wednesday."The broader issue is liquidity rotation," according to the trading desk at QCP. "Crypto is facing competition for capital as equity markets continue to outperform, with both crypto-native investors and traditional asset managers being pulled toward stronger equity narratives."Investors may be freeing up liquidity from bitcoin for opportunities in private markets or with initial public offerings such as SpaceX, OpenAI and…
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