Baku:The cryptocurrency market has experienced a downturn over the past 24 hours, with Bitcoin's price notably falling below $74,000.

According to Azeri-Press news agency, Bitcoin's price decreased by 0.97% to $73,769.23 within the past day, marking a 3.76% decline over the last week. Other major cryptocurrencies have also seen declines, with Ethereum dropping 2.31% to $2,064.38 and BNB falling 0.89% to $682.91.

Zcash experienced the sharpest decrease, with its price plummeting by 10.93% to $1,026.18. Monero's value fell by 0.48% to $565.22, and Bitcoin Cash saw a 3.18% decline to $230.44. Bittensor and Quant also faced losses, with their prices decreasing by 0.48% to $220.41 and 5.68% to $181.25, respectively.

Gold-backed cryptocurrencies were not immune to the declines. PAX Gold (PAXG) dropped 1.38% to $4,038.10, while Tether Gold (XAUT) decreased by 1.41% to $4,034.89. The CoinMarketCap 20 index also showed a 1.66% decline to 147.48 points, and Bitcoin's market capitalization remained around $1.48 trillion.

Analysts attribute the ongoing decline in the cryptocurrency market to a cautious approach by investors towards risky assets and persistent selling pressure.