Bitcoin price drops to lowest level since February

Bitcoin fell 4% on Wednesday to 64,721.39 US dollars, marking its lowest value since 28 February.

The decline comes amidst a wave of bearish developments, including more than USD 3 billion in spot Bitcoin exchange-traded fund outflows.

High-volume wallet transfers from Mt. Gox and the first disclosed cryptocurrency sale by MicroStrategy also triggered the broader digital currency sell-off.

The drop worsened recent market losses, with Bitcoin erasing its gains from April and plunging nearly 10% within three days.

Analysts tie the sharp downturn to over one billion US dollars in long-position liquidations, which severely weakened investor sentiment.