$BTC fell with the broader cryptocurrency market on Tuesday amid concerns about the global economy and lower summer liquidity.

The price of bitcoin was last lower by 3% at $64,680.44, according to Coin Metrics, dipping under $65,000 for the first time since May 16. Earlier in the day, it fell as low as $64,347.91. Ether

lost 4% and was trading at $3,401.37

Other cryptocurrencies suffered bigger declines. Ripple’s was down by 6%, $XRP while Solana’s

$SOL token slid 7% and dogecoin

tumbled 11%.

“Oftentimes, when traders are unimpressed with how the economy or markets are performing they either sell at a discount to minimize their losses or exit riskier positions while they wait for uncertainty to clear up,”

“Today, we are likely seeing one or both of these scenarios play out,”

“Economic conditions around the globe are weakening, geopolitical issues are far from resolution, and markets are thinner during the summer months. Given this perfect storm, moves will likely be parabolic in one direction or another, at least for the next few months, while many people are away from their desks on holidays and as the U.S. presidential election plays out.”