Bitcoin fell below 63 thousand dollars as of Monday morning. The largest cryptocurrency, which experienced a serious decline from its peak of $ 73 thousand in March with the halving in April, also saw below $ 62,500.
Bitcoin continues its downward trend, which started last week, as of Monday morning. The largest cryptocurrency also saw below $ 62,500 in the morning hours. While the value of all cryptocurrencies globally has fallen below 2.5 trillion dollars, the figure for Bitcoin is around 1.2 trillion dollars.
Miner sales may be the main factor
As it is known, it was seen that large Bitcoin mining companies, whose earnings almost halved after the halving, made serious sales in June. Miners, who sold more than 30 thousand BTC as of the current month alone, achieved the fastest sales of the last year. Miners currently hold the least amount of BTC in the last 14 years.
Will recession come?
The Fed's tendency to keep interest rates as high as possible, the continuous extension of the period and the decrease in market expectations also appear to be one of the reasons behind the decline of risky asset classes. For the market, which started 2024 by predicting 6 to 8 interest rate cuts, this figure currently stands out as 2 at most. The Fed is not expected to cut interest rates in July. On the other hand, the fact that interest rates remain high causes many private sector companies in the USA to be in a difficult situation. The withdrawal of liquidity from the market and the prolongation of the process have further increased recession fears.
-Hakan Ateşler