"Alaaa don't worry, the price of BTC has gone down a little bit if you want to compare it like before, it's still a lot."
Shortly after touching $66,000, the price of cryptocurrency king Bitcoin (BTC) fell back below $64,000 as equity markets suffered a sell-off during the United States (US) trading session on Wednesday yesterday.
Through observation, the Nasdaq and the S&P 500 plunged about 2.7% and 1.3% respectively, so LMAX Group market strategist Joel Kruger thinks the crypto's rise may stop if the stock market sees a deeper correction movement.
The BTC price drop was also triggered by Mt.Gox's transfer of 48,641 BTC worth $3.10 billion to Kraken Exchange which notified the defunct crypto exchange's creditors that it had received its share of Mt.Gox's funds.
But it should be known that decentralized financial protocol (DeFi) based on BTC Hermetica has introduced a BTC-backed synthetic dollar called USDH on BTC layer-1 which uses the Runes protocol.
In addition to offering BTC users an alternative that reduces reliance on centralized exchanges and fiat-backed stablecoins across other blockchain networks, the initiative also includes future scaling efforts through layer-2 like Stacks to enhance BTC's native DeFi operations.
While institutional funds and individual whales were found to have injected a total of $278.7 million into the crypto market this week which means they intend to acquire their preferred cryptocurrencies, mostly BTC and Ethereum (ETH).
The entire crypto market including BTC also has the potential to experience further buying pressure after the Securities and Exchange Commission (SEC) approves the spot ETH ETF by the end of 2024 which is the most awaited event for investors.
As of this writing, BTC price has plunged by 2.02% to $64,604 in the last 24 hours with a market cap of $1.2 trillion but is still up 12.28% over the last week.