Bitcoin drops over 5% to fall below $76,000 mark

Bitcoin dropped more than 5% on Thursday to fall below the $76,000 mark amid a broader decline across the cryptocurrency market.

The world's largest cryptocurrency traded around $75,908 as of 1600GMT, fluctuating between a 24-hour low of $75,525 and a high of $80,874.

Bitcoin's weekly decline reached 7.04%, pulling its market capitalization down to $1.52 trillion, alongside a 24-hour trading volume of $40.5 billion.

The total market capitalization of all cryptocurrencies contracted 4.89% to $2.56 trillion.

Ethereum, the second-largest cryptocurrency, also slid 6.99% over the last 24 hours to trade around $2,250, with its market valuation dropping to $274.94 billion.

Despite the widespread selling pressure, spot Bitcoin exchange-traded funds recorded net inflows of $148.10 million.