The cryptocurrency market bled profusely Thursday, as investors shuddered about the movement of billions of Bitcoin ahead of a probable sell-off. Bitcoin nosedived to the $57,000 zone, its lowest since Feb. 28. Since the beginning of this week, the world's largest digital asset has slumped 9.5%, nearly 21% down from its all-time high clocked earlier this year. The second-largest cryptocurrency, Ethereum, also crashed to a six-week low, erasing all the gains made since the hype of spot ETF approvals in mid-May.
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