$80 Billion Wiped Off Crypto Market Cap as Bitcoin Retraces to $33k

June has ended and it marks one of the most turbulent period for Bitcoin and the entire cryptocurrency market. The leading digital asset which had been performing quite well a few days ago has cleared off its profits so far as it staggers in a loss. The same tale applies to nearly all altcoins as the market sees red. 

Bitcoin traded over $35k a few days back and over $36k yesterday. The increase saw it pull up other alternative digital currencies. However, just like other bull runs it has seen since May, the effect was short-lived as it slid back down to the $33k zone. The drive down also affected Ethereum which plunged below $2,100 and Binance coin under $300.

Source: TradingView

BTC’s freefall is linked to a wide array of reasons which has been reported repeatedly. The major factor is attributed to the uncertainty triggered by the ban of Bitcoin mining operations in China. The evidence of the speculation has made virtual currencies so volatile that the entire market cap has seen over $80 million melting away today.

Bitcoin Remains in the Mud Despite Positive News

As the primary digital asset has been bombarded with series of turmoils, its recovery has been at the mercy of the ever-increasing possibilities of the crypto market. Within the period, several positive news has made the rounds, but the crypto has only reacted slowly to them. 

The numerous purchases of the asset by Michael Saylor’s MicroStrategy and the adoption of the crypto asset as a legal tender in El Salvador hasn’t done much to cheer up the cryptocurrency.

Soros Fund Management, a private investment firm is reportedly trading Bitcoins. It is perceived that investors are anticipating the comfortable return of miners into the market before taking active reins again. 

The overall bearish atmosphere is even reducing the interest of institutional entities to take advantage of the current market trend. JPMorgan’s Chase team predicted that Bitcoin could tear down to the $25k zone as the GBTC Trust fund is set to be unlocked.

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