The Cryptocurrency Market Is Under Pressure, With Bitcoin (BTC-USD) Having Its Worst Trading Day Since March

Yahoo Finance's Julie Hyman and Josh Lipton break down the performance of different cryptocurrencies and the reasons why the market is struggling.

The cryptocurrency market is facing a downturn, with Bitcoin (BTC-USD) experiencing its worst trading day since March. Yahoo Finance's Julie Hyman and Josh Lipton discuss the performance of various cryptocurrencies and the factors contributing to the market's struggles.

For more expert analysis and the latest market updates, watch the full episode of Market Domination by clicking here.

This post was written by Melanie Riehl

Video Transcript

Now, let's pivot to another trending ticker today.

When we say ticker, we're really talking about a whole group of tickers, because we're talking about crypto, and what we're seeing is a pullback in Bitcoin.

But not just Bitcoin.

Many of the other coins are down.

Bitcoin itself is having its worst day since March.

And then you see the suite of Ethereum, even as we continue the drumbeat to approval of a spot ETF for Ethereum, cardano, solana, Binance coin, I saw Dogecoin is down.

The Shiba Inu coin is down.

You name it.

There seems to be a lot of pressure here, and this is on top of selling that we had last week as well.

Some of what's going on here is just the ebbs and flows that we see in crypto.

There is, however, something else to point out, and that is Mount Gox, that Japanese crypto exchange, which was hacked into, it's now—as part of its whole process of recouping some of those losses—going to start repaying, apparently, Bitcoin and Bitcoin Cash next month.

We're not in July yet, so next month, and that's putting a little bit of selling pressure on, too.

Yeah, that's certainly adding to the worries about selling pressure, and Bloomberg pointed out, by the way, that Bitcoin investment products saw about 600 million in outflows last week, the second consecutive week, which was, they say, the most over a two-week period since the US actually greenlit those ETFs to hold the currency in January.

Well, yeah, and that's because there was all that money pouring in, and now we're seeing a little bit of a stalling out from that.

The record for Bitcoin, by the way, was almost 74,000 back in March.

News source：https://www.kdj.com/cryptocurrencies-news/articles/cryptocurrency-market-pressure-bitcoin-btcusd-worst-trading-day-march.html

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