Why did the price of bitcoin drop below 68,000?

After rising to over $70,000 on Monday, the price of Bitcoin dropped below $68,000 Tuesday morning as the now-defunct Bitcoin exchange Mt. Gox transferred more than $9 billion worth of Bitcoin to an unknown wallet, possibly to repay its creditors.

Why are investors taking bitcoin off exchanges?

Investors are taking bitcoin off of exchanges ahead of the halving, a trend that drove major price gains during the last cycle.

Why is the price of bitcoin so high?

On Wednesday, the price of bitcoin surpassed $64,000 for the first time since November 2021. The upsurge stems primarily from an explosion of investment in bitcoin ETFs, a novel investment vehicle approved by the Securities and Exchange Commission last month, analysts told ABC News.