Aju Economy Coiners Briefing [Photo=Aju Economy]
Bitcoin, which had briefly recovered to $60,000, has fallen back to around $58,000, showing signs of weakness.
According to CoinMarketCap, a global cryptocurrency market site, Bitcoin was trading at $58,515 as of 8 a.m. on July 1, down 2.91% from the previous day. After peaking above $60,000 on June 30, it has given back most of its gains.
Market analysts attribute the decline to changes in the investment strategy of Strategy, which has opened the possibility of selling up to $1.25 billion in Bitcoin while also announcing plans for stock buybacks and cash reserves. Initially, the announcement was met with positive feedback, but profit-taking soon led to a drop in prices within a day.
Additionally, the strong performance of the U.S. stock market has contributed to the decline in Bitcoin demand. On June 30, all three major U.S. stock indices rose, closing the second quarter on a high note. This shift in investor preference toward equities has weakened the demand for investments in cryptocurrencies like Bitcoin.
Other major altcoins also experienced declines. At the same time, Solana (SOL) was down 2.56% at $73.29, while Ethereum fell 2.81% to $1,565.58. Binance Coin and Ripple (XRP) also dropped by 2.72% and 1.94%, respectively.
Meanwhile, on the domestic exchange Bithumb, Bitcoin was trading at 89,246,000 won ($57,652), down 0.08% from the previous day. The so-called 'Kimchi premium,' which reflects the difference between domestic and international prices, was at a negative 1.559% at that time.
* This article has been translated by AI.
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