History of bitcoin

The cryptocurrency is notable for its price volatility, market influence, and role as the pioneering asset in the blockchain ecosystem. Its value is determined by global supply and demand dynamics, influenced by factors including regulatory developments, institutional adoption, and macroeconomic trends.

Recently, Bitcoin has drawn significant media attention due to a substantial price decline. Multiple financial outlets have reported it falling to six-month lows, dropping below $93,000 from a recent peak above $125,000 in October. This downward movement has been attributed to fading expectations for near-term interest rate cuts from the U.S. Federal Reserve, which has dampened investor appetite for risk assets.

This price correction has erased over 30% of Bitcoin's year-to-date gains, with the decline also affecting other major cryptocurrencies like Ether and Solana. Some analysts are monitoring key technical indicators, such as the 61% Fibonacci retracement level, for potential signals of a market reversal, though the overall sentiment remains cautious amid the current bearish trend.