BTC Price Drops 2.23% as 69,000 BTC Sold at Loss Amid Global Regulatory Shifts

Bitcoin (BTCUSDT) experienced a 2.23% decline over the past 24 hours, falling from a 24-hour open of 89,338.04 USDT to a current price of 87,345.24 USDT. The price drop is attributed to increased selling pressure, as market participants realized losses for the first time since October 2023, with approximately 69,000 BTC sold at a loss since December. This movement was likely intensified by broader market volatility, regulatory developments such as new crypto guidelines in Brazil, proposed bills in Oklahoma for Bitcoin payments, and discussions about CFTC oversight of spot crypto markets. Bitcoin maintains robust trading volumes, with a 24-hour volume of 698.91 million USDT on Binance and a market capitalization near $1.75 trillion, highlighting its continued dominance despite current downward momentum.