Why Bitcoin has been falling since beginning of June!
Bitcoin is currently down as investors fear the S&P 500 might have topped. The prices coincided with the S&P 500 futures after it peaked at an all-time high of 5,368 points in the last week. This led to a surge in the dollar, which has, in turn, put pressure on assets like cryptocurrencies.
The anticipation of the U.S. Securities and Exchange Commission’s (SEC) final decision on the spot ether ETFs was also a factor in the BTC dip. Although it has been approved by the SEC, there has been no significant change in the prices of Bitcoin. The price performance of Bitcoin in the last 4 days is $68,183 (low) and $69,506 (high).
The value of Bitcoin had declined around 19.59% from its peak of $73,750, with BTC dropping below $60,000 in the first week of the month. Currently, the markets are grappling with regulatory exploration, with the Securities and Exchange Commission’s renewed vigor against significant players in the crypto world like Consensys.
On the other hand, the hype is cooling around the Spot Bitcoin ETFs. Blackrock ETF experienced outflows for the first time since it began trading in January, with nearly a net $36.9 million leaving the fund. This indicated that even institutional investors are not immune to market sentiments and Fear, Uncertainty, and Doubt (FUD).
