Bitcoin falls to nearly two-month lows and risks the $26,000 level

(Sharecast News) - There have been a series of significant falls in Bitcoin. The cryptocurrency risks the $26,000 level on a day in which its price is at its lowest level in almost two months, specifically since June 20. Bitcoin has been moving downward over the last few days, which caused it to close below $29,000 this week for the first time in 56 days. This plunge has pushed Bitcoin's capitalization below $500 billion for the first time since last June 16, already accounting for less than half of the total cryptocurrency market.

Since the year's high of $31,818 on July 13, Bitcoin has dropped more than 16%. Nevertheless, so far this year, the quintessential cryptocurrency has accumulated a 60% appreciation.

What is the reason for this decline? Some experts attribute it to the delay in the approval of applications for a Bitcoin ETF. Meanwhile, others blame it on the fact that Elon Musk, through SpaceX, has disposed of some $373 million in Bitcoin that he bought between 2021 and 2022.

The decline could also have been caused by the bankruptcy announced by the real estate giant Evergrande in the US. The situation could affect the stablecoin's reserves and the company would have exposure to Bitcoin.

Among the other cryptocurrencies, Bitcoin´s fall is dragging down the others. Therefore, Ether plummets around 9%, XRP drops 14%, Solana falls 6% and DOGE retreats 10%.