Bitcoin Tests $62,000 for First Time in Two Weeks as US Tech Stocks Weaken
Summary
- Bitcoin tested the $62,000 level as weakness in US technology stocks and the Fed’s hawkish stance weighed on the market.
- Major cryptocurrencies including Ether, XRP and Solana fell more than 5%, signaling weaker risk appetite.
- Gerry O'Shea, head of global market insights at Hashdex, said easing tensions between the US and Iran and passage of the Clarity Act could become a turning point for the cryptocurrency market.
Forecast Trend Report by Period
Bitcoin tested the $62,000 level for the first time in two weeks as weakness in US technology stocks and a hawkish Federal Reserve weighed on sentiment.
Decrypt reported on June 23 that Bitcoin fell as low as $62,000 during the session. Major cryptocurrencies including Ether, XRP and Solana also dropped more than 5%.
The broader selloff was centered on AI-related stocks, damping appetite for risk assets.
"Selling is emerging in AI-related stocks, and the crypto market is also reacting to that risk-off sentiment," Carlos Guzman, a research analyst at GSR Markets, said.
Separately, Gerry O'Shea, head of global market insights at Hashdex, said easing tensions between the US and Iran and passage of the Clarity Act could mark a turning point for the cryptocurrency market.
