Bitcoin and most major cryptos have declined in value due to turmoil in the worldwide financial markets. Just as June 2022 set in, investors decided that BTC wasn’t a great deal after all. Not just BTC, this included all the other cryptos too.
As the largest crypto as far as market cap, BTC was trading just under $30,000 with a 6% drop in value in 24 hours. BTC prices currently stand at $29,874 as it gave up most of the gains from the holiday weekend. BTC was trading at #32,000 on the last day in May with news of relaxation of Chinese COVID 19 related restrictions and other news hit the news. Other noteworthy headlines included the slight possibility that the Feds may relax their hawkish views later in the year.
All of this positivity faded on Wednesday, June 1st as investors retreated into their risk averse space, a place that they inhabited over the last eight months. ETH prices also dipped 7% during the same period and is currently trading at $1800. Other cryptos which lost value include LUNA which lost 61% of its value. SOL, ADA, and DOT also dipped in value.
According to Joe DiPasquale, BitBull CEO, he is not surprised at Bitcoin’s price dip. According to him, it is having to deal with market pressures and also struggling to get through the resistance zone of $31-$32K and not succeeding. Major indices like the S&P and NASDAQ also dropped .7% in value due to investor concerns related to recession and high inflation numbers.
At a conference on Wednesday, JP Morgan’s CEO Jamie Dimon said that his bank would have a very conservative balance sheet and is preparing to deal with rough times. He also mentioned that he was concerned about the Ukraine war and its fallout. Not to mention the Fed’s tightening. Even though it did better than the other cryptos like altcoins, BTC still closed May in the red.
