Bitcoin Crashes Below $63,000 as Coinbase Earnings Weigh on Market Sentiment

Bitcoin fell below $63,000 to its two-week low, weighed down by weak Coinbase earnings and fading optimism about US crypto legislation.

The cryptocurrency traded at $62,972 on Friday, marking a 2.04% decline in the past 24 hours, according to data from CoinMarketCap.

Ethereum also dropped 2.02% to $1,865, while other major altcoins saw varying losses and gains, with XRP down 6.53%, Solana down 4.58%, and BNB up 1%.

Piyush Walke, a derivatives research analyst at Delta Exchange, attributed the decline to fading optimism surrounding US crypto legislation and weaker-than-expected earnings from Coinbase Global Inc.