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Cryptocurrencies are experiencing a wave of losses
Bitcoin's price fell as the broader cryptocurrency market fell on Tuesday, amid concerns about the global economy and reduced liquidity in the summer.
Bitcoin was last down 3% at $64,680.44, according to Coin Metrics, falling below $65,000 for the first time since May 16.
Earlier in the day, it fell to a low of $64,347.91.
Ether lost about 4% and was trading at $3,401.37. Other cryptocurrencies suffered larger declines. Ripple (XRP) fell by 6%, Solana stock fell by 7%, and Dogecoin fell by 11%.
The CoinShare website, which monitors digital currency activity, attributes the losses to the withdrawal of liquidity from the digital products market estimated at $600 million during the past week.
In addition, observers believe that the decline in the price of the most famous digital currency in the world means the exit of many investments from the digital asset products market, in addition to the continued rise in the cost of borrowing in the United States and the possibility that the interest rate will not fall this year, which has led to a state of weakness prevailing in the market. Cryptocurrencies.
