The deteriorating macroeconomic environment and the collapse of industry giants such as FTX and Terra have put pressure on the price of Bitcoin this year.
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Bitcoin Cryptocurrency markets fell overall on Tuesday amid concerns about the global economy and reduced liquidity over the summer.
Bitcoin prices last fell 3% to $64,680.44, falling below $65,000 for the first time since May 16, according to Coin Metrics. ether It fell 4% to trade at $3,401.37.
Other cryptocurrencies fell more sharply. Ripple Ripple fell 6%, while Solana’s Sol Coin drops 7% Dogecoin plunged 11%.
Bitcoin 1 month
Marko Jurina, CEO of Jumper.Exchange, said: “Typically, when traders are unimpressed with the economy or market performance, they either sell at a discount to minimize losses or exit with higher risks while waiting for the uncertainty to dissipate. parts.
“Today, we may see one or both of those scenarios happen,” Jurina added. “Global economic conditions are softening, geopolitical issues are far from resolved, and markets are quieter over the summer. Given this perfect storm, trends are likely to go parabolic in one direction or another for at least the next few months,” And with the holidays and the U.S. presidential election approaching, many people are stepping away from their desks.
In the stock market, U.S. retail sales data for May were weak, and the technology-heavy Nasdaq index fell 0.1%, while the broader S&P 500 index was almost unchanged. Coin library Shares fell 3%, while micro strategy down 1%.
Bitcoin has been hovering around the $70,000 mark since setting a record of $73,797.68 on March 14. It last tested that level in early June. It fell 4% for the month and 9% for the quarter.
Bitcoin’s downside may be limited, but there is currently little evidence of bullish momentum, according to CryptoQuant. Its on-chain data shows that since Bitcoin hit the $70,000 level at the end of May, traders have been reducing their holdings but still not buying.
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