Bitcoin Dips to $106K Following Record Monthly Close
Bitcoin has experienced a decrease of approximately 1% to $106,175, as profit-taking ensues after achieving the highest monthly close ever at around $107,200.
Key Points:
- Market Reactions: The decline in Bitcoin is largely attributed to pressures in tech stocks, such as Tesla and Nvidia, having an adverse effect on the overall cryptocurrency market.
- Altcoin Trends: Other cryptocurrencies, including Solana, Cardano, and Avalanche, faced larger declines, with Solana dropping nearly 6% in the last 24 hours.
Bitcoin’s value has decreased about 1% in the past day as traders cash in on profits after closing June above $107,000, marking its highest monthly close ever.
The situation in the tech sector worsened with shares of Tesla and Nvidia suffering significant losses, impacting sentiment within the crypto markets. Reports indicate Tesla shares fell by 5.4% due to renewed tensions surrounding comments made by Donald Trump and Elon Musk.
Additionally, major altcoins like Solana, Cardano, and Avalanche experienced notable drops. Solana led the way with a nearly 6% decrease following the recent favorable news regarding an upcoming ETF launch.
Federal Reserve Chairman Jerome Powell emphasized patience regarding U.S. economic policy while speaking at an event in Europe, amidst a division amongst Fed members about potential rate cuts. Upcoming employment data is anticipated to influence the Fed’s decisions in the short term.
