Bitcoin (BTC) has experienced a significant decline in price, leading to losses across the entire crypto market. BTC is currently stuck in a price channel and has dropped from its record high of $73,750 to $67,137. The decline in BTC's price has also affected crypto stocks, with companies like Coinbase and MicroStrategy seeing a decrease in value. Other cryptocurrencies like Ethereum (ETH), Cardano (ADA), and BNB have experienced a tempered outlook. The market downturn may be influenced by a rise in interest rates in Western economies. Additionally, the re-emergence of old Bitcoin whales and the performance of US spot Bitcoin Exchange-Traded Funds (ETFs) could impact BTC's future direction.



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