Bitcoin Drops to $61,600 in Thursday Trading (XBT/USD)

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Bitcoin (XBT/USD) dropped in trading on Thursday, currently trading at $61,600 per 1 BTC. The total market capitalization exceeds $3.5 trillion.

It is worth noting that Bitcoin holds the first place with a share of around 60-70%.

Ether (ETH/USD) is trading at $1,650.

Ripple (XRP/USD) is trading at $1.10.

Leaders in terms of trading volume and market capitalization are:

- Bitcoin,

- Ethereum,

- USDT,

- Solana, BNB Chain, Dogecoin.

It is important to note that the price formation mechanism in the cryptocurrency market is based on the interaction of supply and demand on exchanges, where prices are formed through buy and sell orders. Key factors include limited supply, liquidity, technological updates, news, regulation (laws/bans), mining costs, market sentiment, and speculation, leading to high volatility due to decentralization and the absence of a single regulator.

This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.