Crypto Market Slumps as Bitcoin Falls Below $63K
The cryptocurrency market has experienced a decline in recent days, reversing the momentum seen earlier last week. Despite the initial surge, the market's capitalization fell by 1% over the past 24 hours, returning to levels not seen since mid-July.
Bitcoin's price has been particularly affected, dropping below $63K and pulling down the entire market with it. The digital currency attempted a brief rebound on Sunday but was unable to surpass its 50-day moving average.
The decline in Bitcoin's value has highlighted the challenges faced by bulls attempting to reverse the bear market that began last September. August is also considered an unfavorable month for BTC, with the past 15 years showing only five instances where it ended the month with gains and ten instances of declines, averaging a drop of 13.8%.