Bitcoin sees biggest daily drop in two weeks

© Reuters.

BTC/USD -5.52%

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In a significant market movement today, Bitcoin experienced a sharp decline, down as much as 5.7%, marking its most significant one-day drop in the past two weeks. The downturn in the cryptocurrency market was accompanied by a broader sell-off affecting other risk assets, including stocks.

Bitcoin's last recorded value decreased by 5.25%, reaching $63,806. The drop also saw the digital currency hit a two-week low at $63,555. Along with Bitcoin, Ether, another major cryptocurrency, fell 5.1%, with its price falling to $3,326.

Despite today's decline, Bitcoin's performance for the year remains strong, with a 52% increase recorded. The growth for the year was partly due to the flow of investors into U.S. exchange-traded funds backed by spot Bitcoin.

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