Photo Credit: Dado Ruvic (Reuters)

Bitcoin fell below the \(64,000 mark on Thursday morning amidst a persistent decline in tech stocks. The leading cryptocurrency was trading around \)63,240 by mid-morning, marking a decline of over 2.5%.

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This price drop follows Bitcoin’s recent halving event, reducing the miner reward from 3.125 Bitcoin to 6.25. Just a week ago, Bitcoin was enjoying the afterglow of the halving event, but it has now depreciated by almost 10% in value within a month.

The decrease in Bitcoin’s value is primarily linked to the challenges faced by major U.S. technology stocks, influenced by disappointing earnings reports from Meta and IBM. Meta’s shares plunged by over 12% in the morning, while IBM saw an 8% decline. Microsoft and Google’s parent company Alphabet are set to announce their earnings after the market closes on Thursday, with their shares already down by 4.4% and 2.5%, respectively, in mid-morning trading.

Bitcoin often mirrors the trajectory of U.S. tech stocks due to being viewed as high-yield investments connected to the advancement of future technologies. The increased mainstream adoption of Bitcoin and blockchain technology is driven by the involvement of corporate giants like BlackRock and the introduction of spot Bitcoin ETFs.

Following the decline in Bitcoin’s value, a pessimistic sentiment permeated the cryptocurrency market, resulting in a 2.16% decrease in the global crypto market cap to \(2.35 trillion. Ether, the second-largest cryptocurrency by market cap, experienced a 2.6% decline, hovering around \)3,100. Solana also saw a drop of nearly 6%, trading at approximately \(145 in mid-morning. Meanwhile, the popular meme-coin Dogecoin witnessed a 3.5% decrease, valued at \)0.14, according to CoinMarketCap.