Bitcoin's price fell to $73,000 overnight, marking its lowest level in 16 months since it traded around $68,000 in November 2024, before rebounding.The value this morning(4 Feb) was over $76,000 amid ongoing selling pressure on risky assets that continues to affect the crypto market.
Since the start of the year, Bitcoin has declined about 16% as investors gradually reduced exposure to risky assets due to increasing geopolitical concerns. The pressure intensified this week after key U.S. economic data releases were delayed because of a partial government shutdown.
At the same time, investors face uncertainty as the U.S. legislature debates regulatory frameworks for the crypto industry, alongside ongoing forced liquidations in the digital asset market.
However, analysts still see the crypto market's fundamentals as strong. According to CNBC's interview with Rob Hadick, general partner at Dragonfly Capital, "This BTC correction is not caused by any single factor. Crypto and Bitcoin prices have always been volatile, and this time is no different."
The crypto market fundamentals remain solid, especially with the growth of stablecoins and tokenized assets attracting increasing interest from retail and institutional investors. It is expected that medium- and long-term trends will stay positive as the market restructures and reorganizes itself.
Source:CNBC
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