Bitcoin dropped more than 4% on Tuesday to hover above $62,000 per token. The world’s largest cryptocurrency sank alongside the overall market as tech stocks fell. Bitcoin’s trajectory this week has mostly followed the major averages, particularly the tech sector
Bitcoin has struggled to make a comeback this year, with strategists warning a cyclical bear market for cryptocurrencies may not be over.
Bitcoin has underperformed broader markets since the March 30 market lows. The token briefly fell to $60,000 in early June.
The token is down 28% year to date and roughly 50% from its all-time high in early October.
