Bitcoin was recently changing hands at around $26,950, 0.5 per cent lower over the last 24 hours
May gray turned to June gloom on Thursday as cryptocurrency prices swerved marginally into the red.
Bitcoin, the biggest cryptocurrency, was recently changing hands at nearly $26,950, 0.5 per cent lower over the last 24 hours and the second successive day BTC fell below $27k, as per CoinDesk Indexes. The unfavourable beginning to June carried over the downward trend from May when the price of bitcoin slipped nearly 4 per cent to break a four-month streak of advances.
Bitcoin surged over 60 per cent from January, reaching nearly $31k at one point in mid-April as crypto recovered its sheen as a safe-haven asset after a series of U.S. bank collapses that raised concerns about conventional finance.
Anytime you have an asset that has a considerable volatility like cryptocurrency, any real monthly move that is under a safe flat fee of 5 per cent is comparatively muted, CoinDesk Head of Index Research Todd Groth told CoinDesk’s “First Mover” program on Wednesday. The broad CMI was nearly 2 per cent to 3 per cent lower. In the context of how much these assets can move over historical basis, it is a bit of a choppy month. Now we are looking for that next big narrative to move up.
He noted positively that markets had recently priced in a restart of more hawkish monetary policy after hopes increased in early May amid uplifting indications that inflation was fading enough to permit the U.S. central bank to stop its almost year-long move of interest rate hikes.
We have repriced interest rate expectations to not be so dovish without any sort of big market correction downwards, so that has been positive, he stated but added that the repricing interest rates higher upwards has also been a sort of a headwind.
Ether, the second biggest cryptocurrency in market value, was recently changing hands at nearly $1,870, marginally higher from Wednesday. Other top digital assets were largely down, although not by much, but litecoin was an exception as the coin recently increased over 7 per cent with investors apparently buoyed by the network’s halving in two months and a rise in activity in May.
