The price of bitcoin has fallen by half from its peak

On the morning of February 24, the Bitcoin (BTC) price dropped to $62,700. As of 12:00 Baku time, the coin is trading around $63,000, which is 50% below the peak reached four months ago when the price was around $126,000.

This is reported by RBC.

Over the past 24 hours, Bitcoin has fallen by 4.3%, and since the beginning of February — by almost 20%. According to Coinglass data, this is the steepest monthly decline since June 2022, when the market entered a crisis triggered by the collapse of Terra.

The total cryptocurrency market capitalization has decreased by 3% over the past 24 hours, falling to $2.19 trillion. The Ethereum (ETH) price is hovering around $1,082, with the leading altcoin dropping 3.4% over the past day and 63% from its August peak of around $5,000.

Among the top 100 cryptocurrencies, Bitcoin Cash (BCH) saw the steepest decline — 11%. Nevertheless, this coin remained in the top ten, which it only entered this month, pushing Cardano (ADA) down to 11th position. Fewer than ten cryptocurrencies from the top 100 showed gains. The biggest gainer was the memecoin pippin (PIPPIN) — up 10%.

Over the past 24 hours, crypto exchanges liquidated positions of 121,000 traders totaling $375 million. Of this amount, nearly $290 million came from long positions — those who bet on price increases. These figures refer to the notional value of positions including leverage (a $100 position with 10x leverage counts toward the total losses as $1,000).

During the trading session on February 23, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a net outflow of $203 million, according to SoSoValue data. Around $50 million was withdrawn from Ethereum ETFs during this time. Capital outflows from the largest cryptocurrency funds have been recorded for the fourth consecutive month starting from November. In February, $1.2 billion has already been withdrawn from Bitcoin ETFs, and around $500 million from ETH funds.

The Fear and Greed Index for the crypto market is in the "extreme fear" zone, indicating 8 points out of 100. This suggests that market participants are inclined to actively sell off cryptocurrencies.