Bitcoin price today: Why is BTC down to lowest in 2 months? Ethereum price crashes too

Bitcoin price on Wednesday fell as the world's most popular cryptocurrency was holding near its lowest in over two months. BTC was down by 0.44 per cent to USD 73,990. In other prominent cryptocurrencies, Ethereum price was down 2.21 per cent to USD 2,050.

Bitcoin fell to its lowest level on August 20. Subsequently, there was an uptick in BTC price. Bitcoin peaked USD 87,374 on September 21. After that the most valuable cryptocurrency witnessed a sharp drop of 16 per cent. The CPI data report on the US inflation was unexpectedly high and had bearing on the Bitcoin price.

Sharp drop in Bitcoin prices has also evoked humorous reactions on the social media platforms as people have been posting jokes and memes.


Crypto market is undergoing extreme volatile mode. Around 168,000 traders had to withstand liquidations following Bitcoin's drop down below USD 74,000, Yahoo Finance reported.

According to the report, this week alone witnessed closure of over $1.15 billion in leveraged crypto positions.

Crypto markets have ​been ​shaken ⁠in recent sessions by a $6 billion ​heist at Binance, ​the ⁠world's biggest exchange, and the election to office ⁠of ​high-profile critics in ​last week's US midterms. Crypto investors ​have apprehensions that a Democratic Party-controlled ⁠US Congress will toughen ​regulation on the asset ​class.

There is also cyber threat looms large for the crypto markets. The October 29 heist, described by experts as the largest cryptocurrency theft ever, unfolded in a matter of minutes after months of planning and preparation, according to Binance’s initial investigation.

An elite North Korean hacking group’s $6.3 billion theft from Binance is renewing scrutiny of a longstanding weakness in the cryptocurrency industry: hackers may need to compromise only one employee to get inside, while inconsistent security practices can allow them to turn that foothold into a massive theft.

Cybersecurity experts said the attack raises questions not only about how exchanges defend employees against sophisticated social engineering, but also about whether they have adequate internal controls to limit what an attacker can do once an employee’s computer or credentials are compromised.