Bitcoin falls to $65,000 to erase all gains of last 2 weeks

By Ovunc Kutlu

ISTANBUL (AA) - Bitcoin fell to around $65,000 early Tuesday to erase all of its gains in the past two weeks.

The price of Bitcoin, the world's biggest cryptocurrency, was trading around $65,500 at 0428GMT for a daily loss of 3.6%, according to data from CoinMarketCap, a digital asset price-tracking website.

Ethereum, the world's biggest altcoin by market cap, fell 5.3% to $3,390 at the time. Some altcoins saw their prices plummet as much as 17%.

The value of the cryptocurrency market was down 3.8% to $2.47 trillion, while Bitcoin's share of the crypto market, known as dominance, was at 52.3% and Ethereum's dominance at 16.6%.

The major selloff in the cryptocurrency market is viewed as a correction by most analysts after Bitcoin saw its price climbing to an all-time high of $73,666 last Thursday, the highest level in its 15-year history. The next day, it pulled back from its record-high level and the rally in the cryptocurrency market has come to a pause.

Bitcoin has been on a rally since Jan. 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs or exchange-traded funds. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.