Aju Economy Coiners Briefing [Photo=Aju Economy DB]
Bitcoin has struggled to rebound after falling below the psychologically significant $60,000 mark, continuing its downward trend.
According to CoinMarketCap, as of 8 a.m. on June 29, Bitcoin was trading at $58,966, down 1.95% from the previous day.
Major altcoins also experienced declines. Ethereum fell 1.45% to $1,553, while Ripple (XRP) dropped 1.51% to $1.03. Solana was down 1.24% at $70.08.
Market analysts attribute the ongoing weakness to renewed concerns over potential interest rate hikes by the U.S. Federal Reserve, which have dampened investor sentiment. Additionally, continued capital outflows from Bitcoin and Ethereum spot exchange-traded funds (ETFs) and a decrease in trading volumes have contributed to the overall market downturn.
Negative forecasts from prominent investors are also weighing on investor sentiment. Billionaire investor Jeremy Grantham, known for accurately predicting the dot-com bubble in 2000 and the global financial crisis in 2008, recently described Bitcoin as "a worthless and speculative asset" during a U.S. broadcast. He quoted British poet T.S. Eliot, stating that Bitcoin will not burst with a bang but will fade away like a soft groan.
Meanwhile, at the same time, Bitcoin was trading on the domestic exchange Bithumb at approximately 89,677,000 won ($58,326), down 1.48% from the previous day. The so-called "Kimchi premium," which reflects the price difference between domestic and international markets, was at a negative 1.012%.
* This article has been translated by AI.
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