Bitcoin tanks below $63,000 for the first time since February as price selloff deepens

60-second summary

Bitcoin's price plummets below $63,000 for the first time since February, deepening the ongoing selloff. This decline has triggered a surge in demand for protective options plays, driving the fear gauge higher. Market participants are increasingly cautious, with the fear gauge rising, indicating a heightened sense of uncertainty and potential market volatility in the cryptocurrency space.