Bitcoin Plunges Below $63,000 Amid Fading Optimism and Weak Earnings

Bitcoin dropped below $63,000 to its two-week low as weak Coinbase earnings and fading optimism weighed on market sentiment.

The cryptocurrency fell 2.04% in the past 24 hours to trade at $62,972, while Ethereum was down 2.02% to $1,865. Among major altcoins, XRP corrected by 6.53%, but BNB and Cardano rallied by up to 1%.

Piyush Walke, Derivatives Research Analyst at Delta Exchange, attributed the decline to fading optimism surrounding U.S. crypto legislation and weaker-than-expected earnings from Coinbase Global Inc. and Strategy Inc., signaling that speculative investors are pulling back from the market.