Haider Jamal

Jun 23, 2024

Bitcoin Dumps To Five Week Low As Investors Exercise Caution

The price woes for both Bitcoin (BTC) and the broader crypto market persisted Friday evening as the flagship crypto dropped to its lowest level in over five weeks, dipping well below $64,000. Altcoins are similarly sluggish, with Avalanche leading the decline with a significant price drop.


BTC Hits Multi Week Low

Following an unsuccessful attempt last week to breach $70,000, Bitcoin headed southward, hitting $64,000 on Friday, marking a monthly low. The weekend brought relative stability, with the cryptocurrency hovering just above $65,000.

Monday saw a brief rally to over $66,500, but subsequent bearish pressure pushed BTC down for several days, culminating in a drop to $63,400 yesterday, its lowest since May 15th. Despite this, Bitcoin has since recovered slightly and now sits above $64,000. Its market cap has also dipped below $1.270 trillion, with its dominance over altcoins holding steady at 51.5% on CoinGecko.

Elsewhere, most major altcoins have shown lackluster daily performances. DOGE, TON, XRP, and DOT are slightly down, while ETH, BNB, SOL, SHIB, and TRX have posted modest gains. However, Chainlink and Cardano have seen more significant declines, dropping over 4% and 3%, respectively, in a day. AVAX recorded the most substantial daily drop, plummeting over 9% and struggling to stay above $25. The total crypto market cap fell by approximately $20 billion overnight to $2.460 trillion on CoinMarketCap.


Other Markets

Global investors are exercising caution in nearly all categories, reflecting a shift in sentiment as credit markets experience their first stumble of the year. Meanwhile, upcoming economic indicators by the Federal Reserve may signal a path towards future rate cuts. On the commodities front, Brazil has emerged as an unpredictable factor in the oil market following a significant plunge in production.

In China, persistent earnings challenges are tempering optimism surrounding its stock market recovery. Ardent Health, backed by an equity group, is making a second attempt at an initial public offering, highlighting ongoing market volatility. The dollar continues its winning streak against the yen, impacting global currency dynamics. Elsewhere, a sharp rise in cilantro prices is forcing Mexican taquerias to adopt innovative strategies.

Amid these developments, the Tokyo Stock Exchange begins its trading year, with Wall Street witnessing heightened trading volumes at market close. Despite recent gains, smart-trade strategies are facing headwinds in the midst of a buoyant stock market. Lastly, AMC Entertainment is gearing up for upcoming earnings announcements and is in talks with lenders to restructure debts and extend maturities, reflecting broader challenges and adaptations in the current economic landscape.


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