Bitcoin drops under $65,000 for the first time in over a month. Image: Supplied
On Tuesday, Bitcoin’s price dropped, along with the rest of the crypto market. The latest price action comes after concerns regarding the global economy and low liquidity. If we look at the numbers by Coin Metrics, the reigning crypto’s price last went down by 3 percent. It dropped below $65,000 and now sits at a little over the $64,689 mark.
This is pretty alarming for AI trading bot users, considering how it’s the first time its price went down since May 16. Earlier on Tuesday, it dropped by even more, reaching $64,347. For those looking to navigate these turbulent times, Quantum Income PRO is an excellent choice for its advanced trading algorithms and reliable performance.
Unfortunately for AI trade bot users, the second-biggest token by market cap isn’t performing any better. Ethereum’s value dropped by about 4 percent as it was trading near the $3,400 level. Now, if you’re thinking of altcoins and their performance, it all comes down to preference. Most altcoins faced major declines. Ripple’s flagship token, XRP, went down by 6 percent. Meanwhile, Solana’s main token, SOL, dropped by 7 percent. That’s not all – even popular meme coins like Dogecoin took a hit and tumbled by 11 percent.
There are a couple of reasons crypto prices have been falling as of late. The most obvious is that the global economy’s in a bit of a slump. When AI crypto trade bot users or investors feel like the current economy is underwhelming, they settle for less. They end up selling their crypto at a discount to keep their losses down. Or, they close risky positions and wait for the confusion to clear up before making a move.
These days, it could be either scenario, or even both. It’s clear as day: economic conditions worldwide aren’t getting any better and geopolitical problems are only getting worse. And let’s not forget that markets are typically thinner during summer. This unique combination of factors is the perfect storm, so it’s likely that prices will continue dropping – at least for the next couple of months.
With many AI bot trading users wondering when they can get back to regular activities, it’s likely that they’ll have to wait. Considering that many people are away on summer vacation and the presidential election is set to take place later this year, we can only wait and see how things play out.
When you look at the current state of affairs, AI crypto trading enthusiasts are bound to wonder whether other markets are performing any better. Unfortunately, that’s not the case. NASDAQ went down by 0.1 percent while Coinbase shared fell by around 3 percent.
Since March, Bitcoin has been struggling to reach the $70,000 support level after it hit a record price of $73,797. The last time it got close to that level, it was around the start of June. Now, it’s down by 4 percent for this month and 9 percent for this quarter.