In the absence of new market catalysts, bitcoin's record-breaking rally this year has shown weakness, falling to a more than a month low. After reaching an all-time high of nearly $74,000 in March, bitcoin has retreated about 14 percent. Volatile expectations of a U.S. rate cut have reduced demand for most riskier assets, leaving the market even more sluggish.
Alex Kuptsikevich, senior market analyst at FxPro, said that cryptocurrencies have been affected by the stock market sell-off, reflecting the decline in global financial risk appetite. Bitcoin fell as much as 2.4% today to $63,442, the lowest level since May 15, and is down about 3% since Friday.
Risk appetite wanes, bitcoin falls to more than a month low
2024-06-22 20:37:22
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