The bitcoin exchange rate is down for the second straight day, eventually falling to its lowest level since March 2023. The price of the cryptocurrency has fallen to record lows in two months – after a gradual rise in the rate in 2023, a decline to previous positions is coming.
The price of the largest cryptocurrency immediately fell 3.2% to $26,320 per bitcoin on Friday. The second major cryptocurrency Ethereum and the index of the top 100 tokens also fell, but XRP and Cardano were able to assert themselves overall.
The drop in liquidity, the congestion on the Bitcoin blockchain and pressure from US regulators have led to pessimism in the crypto sector. If the Bitcoin price used to correlate with the position on the classic stock market, this dependency has now almost disappeared. This may also indicate a decrease in the influence of macroeconomic factors on digital assets.
According to experts, the recent wave of cryptocurrency sales is due to the fact that traditional financial institutions are trying to unload their financial portfolios against the background of stricter cryptocurrency regulation guidelines, as well as other factors leading to a drop in interest in Bitcoin.
Earlier this week, it was announced that leading market players including Jane Street Group and Jump Crypto were phasing out cryptocurrency trading in the US, and that Jane Street was also exiting crypto-related activities globally. According to some reports, the withdrawal of two large companies from the US market had a negative impact on general sentiment.
Meanwhile, many players have taken a wait-and-see attitude in the market. It is worth noting that just a month ago, bitcoin price surged above $30,000 for the first time in 10 months.