New york: The downward trend continued in the cryptocurrency market as Bitcoin fell to $63,000, APA-Economics reports, citing the CoinMarketCap platform. Over the past 24 hours, the price of Bitcoin, the world's largest cryptocurrency, has decreased by 2.86%, with BTC currently trading at $63,207.

According to Azeri-Press News Agency, Ethereum, the market's second-largest asset, witnessed a decline of 1.99% during the same period, bringing its price down to $1,829. In contrast, BNB saw a slight increase of 0.19%. However, other major assets experienced losses, with Bitcoin Cash declining by 9.32%, Monero by 1.60%, and Zcash by 2.71%.

Among gold-backed tokens, PAX Gold and Tether Gold bucked the trend, gaining 0.35% and 0.18%, respectively. Analysts suggest that the daily decline is due to a weakening risk appetite in global financial markets. Investors appear to be favoring safer assets, particularly gold-backed tokens, amidst growing selling pressure in the cryptocurrency market.