Cryptocurrency markets undergo a major correction: Bitcoin falls below $63,000

The cryptocurrency market has undergone a major correction over the past 24 hours. Bitcoin (BTC) is down 2.7% and is currently trading at around $62,636, down 5.82% over the past week.

Ethereum (ETH) has fallen even more, currently trading at $3,374, down nearly 4% over the past 24 hours and 6.06% over the week.

The global cryptocurrency market cap fell 3.7% to $2.29 trillion. Other major cryptocurrencies such as Polkadot (DOT), Solana (SOL) and Ripple (XRP) have seen declines ranging from 2.86% to 7.17% on the day. Shiba Inu (SHIB) has fallen nearly 6% over the past 24 hours and nearly 17% over the week.

Although cryptocurrency prices have historically been less affected by macroeconomic factors, the current market correction may be affected by broader economic uncertainties, including:

- Regulatory issues: Such as the US Securities and Exchange Commission (SEC) investigation into Ethereum. Although Ethereum has not been charged, other projects such as Solana and Polygon still face continued scrutiny.

- High inflation and high interest rates: These factors have caused investors to re-evaluate riskier assets such as cryptocurrencies.

While the market is correcting, there are still some positive developments:

- Ethereum spot ETF: Ethereum spot ETF may be approved this summer, which may attract more institutional investment.

- Bitcoin options market: Preference for $100,000 call options indicates that some investors are still optimistic about BTC's long-term prospects.

The cryptocurrency market is currently experiencing a sharp correction, and the prices of both Bitcoin and Ethereum have fallen. Investors need to pay attention to the impact of key support levels and macroeconomic factors on the market. At the same time, regulatory developments and institutional investment may have an important impact on the future trend of the market.

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