BTC Price Drops 13% to $63,657 Amid Record $88B Volume and Institutional Interest Surges

Bitcoin (BTCUSDT) has seen a sharp price decline of 13.31% over the last 24 hours, with the current Binance price at 63,657.15 USDT. This downturn is primarily attributed to intensified selling pressure following a rejection at the 76,900 USDT level, waning risk appetite among investors in both technology and crypto sectors, and notable volatility linked to broader market declines. Additional factors influencing sentiment include the resignation of Gloria Zhao from the Bitcoin Core maintainer team and the recent drop in MicroStrategy’s stock, a major corporate holder of Bitcoin. Despite bearish short-term sentiment and high trading volumes exceeding $88 billion, Bitcoin continues to attract long-term institutional interest, with some analysts and institutions maintaining a positive outlook. Bitcoin’s market capitalization is currently around $1.3 trillion, with a circulating supply of 19.98 million BTC, and its price has fluctuated between 73,680 and 62,293 USDT in the past 24 hours.