Leading cryptocurrency bitcoin has fallen to a two-month low of $26,172 on Friday during Asian trading hours – the lowest since 16 June.
The cryptocurrency had fallen 7.2% on Thursday as Global markets experienced a bout of selling.
The second largest token Ether and the top 10 non-stablecoin tokens also suffered losses.
Crypto traders have met with several difficulties over the previous two months. In June, the SEC filed lawsuits against Binance and Coinbase, both cryptocurrency exchange platforms, for failing to register.
Both companies deny the allegations, with Coinbase co-founder Brian Armstrong taking to X (formerly Twitter) criticising the SEC’s decision: “Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. So if we need to avail ourselves of the courts to get clarity, so be it.”
According to GlobalData’s analysis of top themes in cryptocurrency for Q1 2023, concerns over whether the US Federal Reserve will raise interest rates were one of the key drivers of bearish activity.
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With inflation easing, debates about whether the Federal Reserve will cut interest rates remain rife. Price gains, however, remain elevated above the central bank’s 2% target.
Crypto trading received a boost in June when BlackRock applied to launch a Bitcoin EFT (exchange-traded fund) in the US.
Our signals coverage is powered by GlobalData’s Thematic Engine, which tags millions of data items across six alternative datasets — patents, jobs, deals, company filings, social media mentions and news — to themes, sectors and companies. These signals enhance our predictive capabilities, helping us to identify the most disruptive threats across each of the sectors we cover and the companies best placed to succeed.