Bitcoin, the leading cryptocurrency in the world, has dipped below the $65,000 mark for the first time in over a month. This drop is part of a larger trend in the cryptocurrency market, driven by concerns about the global economy and reduced liquidity during the summer season.
On Tuesday, Bitcoin’s price fell by 3% to $64,680.44, marking the first time it has traded below $65,000 since May 16. As of now, the price has slightly recovered to $65,117.
Marko Jurina, the CEO of Jumper.Exchange, a decentralized exchange (DEX) facilitating cryptocurrency exchanges across blockchain networks, shared his insights on the current market conditions. He mentioned that in times of economic and market uncertainty, traders tend to sell at lower prices to minimize losses or exit riskier positions until the situation stabilizes.
Jurina highlighted the ongoing economic challenges worldwide, unresolved geopolitical issues, and the typical market weakness during the summer months as contributing factors to the current market volatility. With many people on holiday and the upcoming US presidential election adding to the uncertainty, he suggested that market movements could be highly volatile in the coming months.
While Bitcoin’s downside may be limited, CryptoQuant data indicates a lack of bullish momentum and reduced buying activity since the cryptocurrency reached $70,000 in late May. This lack of buying pressure could keep Bitcoin’s price under pressure in the short term.
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