Bitcoin Close to $60,000 Mark as Investors Seek Safe Haven From Riskier Assets

On Friday, Bitcoin dipped to a 16 month low as it briefly dipped near the important level of $60,000 amid a worldwide selloff of tech shares. Even though it managed to recover slightly and now trades around $64,000, Bitcoin dipped by as much as 16% this week and also fell by 27% this year. Ether also dipped sharply but managed to recover and is still significantly lower this year. The drop is said to be a result of investors switching out of risky and highly leveraged positions and a decrease in fund sentiment for cryptocurrencies as well as significant outflows from US spot ETFs.