Bitcoin Drops to $67K, Tracking Losses in Stocks and Gold as Fed Rate Cut Bets Fade

Bitcoin dropped to $67,000, tracking overnight losses in gold and Nasdaq. Fading Fed rate cut bets likely catalyzed the drop, one analyst said.

The CoinDesk 20 index, a measure of the largest and most liquid digital assets, fell 6%. Over $100 million in long positions have been wiped out over the last 12 hours.

Some analysts describe BTC's pullback from record highs as a typical bull breather seen after sharp uptrends.

Adrian Wang said the market could be adjusting to uncertainties ahead of next month's mining reward halving.

QCP Capital said it is difficult for short sell-offs to dent the uptrend as long as daily BTC spot ETF demand stays strong, though some volatility is expected over the weekend.