Bitcoin Sinks Below $113K as Crypto Weakness Defies Records

Bitcoin experienced a decline on Tuesday afternoon, dropping below $113,000 once again despite U.S. stocks hitting record highs. The largest cryptocurrency was trading around $112,700, marking a nearly 2% drop over 24 hours. This selloff occurred concurrently with a surge in tech stocks, particularly Nvidia, which climbed 5% in value, contributing to a $4 trillion market cap. Analysts from Bitfinex noted that Bitcoin's price must hold above $113,600 to avoid a deeper correction that could push it down near $97,500. Ethereum also fell over 4%, returning below the $4,000 level. The overall crypto market was mostly negative, contrasting sharply with the notable gains in the equities market, which saw the S&P 500 and Nasdaq register new highs. Crypto-related stocks also suffered, with significant losses for miners and investment companies involved in Bitcoin and blockchain technologies.

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