The largest digital currency went down below $ 8,000, pausing the heavy bullish rally. The decline of Bitcoin led the other crypto currencies down.
The 10% drop led Bitcoin to $ 7930, and the price remains around that level. This is the biggest retreat of the crypto currency in two weeks. The decline was preceded by reaching the highest annual value of $ 9100 on May 30th, after which the movement began to lose momentum.
Since the beginning of the month, Bitcoin is down 6%. The rally resumed after a sentiment about the crypto assets, which attracted investors. According to observers, it is the renewed institutional interest this year from companies like Facebook and JPMorgan in the development of their own horses led to the rally.
Perhaps we are witnessing a healthy adjustment, with volumes increasing. This is a normal volatility for Bitcoin. As a matter of fact, it does not take so much money to move this market, as in traditional markets.
The opposite global winds and the sale of world stocks also proved to be a specter of speculation in the crypto markets as well.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
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