According to CoinMarketCap, Bitcoin was trading at $62,495 as of 8 a.m. on June 24, down 2.19% from the previous day.
The downturn in the cryptocurrency market is attributed to the sharp decline in U.S. tech stocks. Concerns about high valuations in stocks that surged this year due to expectations of increased investment in artificial intelligence (AI) have dampened investor sentiment. Both cryptocurrencies and U.S. tech stocks are classified as high-risk assets, leading investors to sell both when market sentiment shifts.
Additionally, uncertainty surrounding the Federal Reserve's monetary policy appears to be impacting Bitcoin prices. The U.S. Personal Consumption Expenditures (PCE) price index for May is set to be released on June 25, drawing significant market attention as it will influence the Fed's monetary policy decisions.
As a result, major altcoin prices are also declining. Ethereum is trading at $1,660, down 3.59% from the previous day. Ripple (XRP) has fallen 1.79% to $1.10, while Solana is down 3.6% at $69.
Meanwhile, at the same time, Bitcoin was trading at 94,390,000 won (approximately $61,552) on the domestic exchange Bithumb, reflecting a slight increase of 0.07% from the previous day. The so-called 'Kimchi Premium' indicates that domestic prices are lower than international prices, currently showing a negative rate of -1.28%.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.