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Illustration : Toya Sarno Jordan ( Reuters )

Bitcoin dropped over 7% on Tuesday, which may be its biggest single-day decline in two weeks. On Tuesday (Mar. 19) morning, the top cryptocurrency was trading at $63,000, down from a high of $73,000 earlier this month.

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The Bitcoin price dropped following a decline in spot ETFs yesterday. The net inflow of Grayscale has decreased significantly in the last few days, while the outflows have reached a record high of over $640 million.

The decline spread across the crypto market, with Ether the second largest cryptocurrency by market cap falling by over 8% from Monday to Tuesday to trade around $3,200. Ether competitor Solana, which gained popularity earlier this year among the blockchain community, fell over 13% in the same time period and is currently hovering at $180. Popular favorite Dogecoin also saw a double-digit decline, trading at $0.13.

Despite the fall, crypto experts are calling bitcoins drop a mere price correction, common in the volatile crypto market. The bullish sentiment for Bitcoin is prevalent, they say, waiting before a big surge.

The U.S. Securities and Exchange Commissions approval of spot bitcoin ETFs has bolstered the sentiment in the bitcoin and crypto market, which is expected to continue for some time. Plus, Bitcoins upcoming halving event, where the reward for mining its transactions is cut in half, is expected to push the top cryptocurrency to new heights.

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Bitcoin price falls $63,000 but a 'halving' event could send it back up - Quartz