Bitcoin rose from its knees only to fall face down. Investor sentiment has cooled significantly, with analysts predicting the worst month for cryptocurrencies since the FTX scandal began.
Bitcoin and other cryptocurrencies are getting thinner and thinner. The gradual recovery in the value of tokens after a catastrophic wave of scandals and problems in the industry so far gives hope to investors. However, they seem to be moving away from cryptocurrencies at the moment.
Bitcoin with worst month since FTX crash
The popular digital currency Bitcoin is likely to end May with significant losses. Bloomberg estimates that the expected decline of around 6 percent is the first negative month since the start of 2023, which will be the weakest period since the FTX crash in 2022.
From January to mid-April, the situation seemed stable, and during this period, Bitcoin jumped by as much as 84%, reaching a valuation of around $31,000. Unfortunately, then everything went wrong.
According to experts, regular changes in the liquidity of cryptocurrencies and the restrictive monetary policy of central banks led to the fact that interest in digital currencies burned out rather quickly. Currently, BTC value growth in 2023 has already decreased to 67 percent.
Cryptocurrency fanatics should have taken advantage of the uncertainty in the traditional market following the collapse of several banks in March. However, the tendency of the institution to fail was short-lived, and the situation stabilized. This also affected the situation with BTC and caused an outflow of investors.
BTC and Ethereum fell
On Wednesday morning, the most popular cryptocurrency, Bitcoin, is worth $27,165. We are currently seeing a decline that started around 3:30 AM on May 31st. During the day, the value of the token fell by about 2.4 percent. However, there is 1.6 percent in BTC weekly calculations. in plus.
Ethereum is currently experiencing similar fluctuations. The balance at 9:00 is $1,867. The cryptocurrency has been falling since around 3:30 AM and has dropped over $40. Daily losses are close to 2%. Over the past week, the token has gained 2.4 percent.
Source: Wprost
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