On the evening of July 6, the price of the first cryptocurrency dropped to $29,920, breaking through the psychological support level.
The fall in quotes occurs quickly and is accompanied by a surge in trading volumes.
Following bitcoin, almost all assets from the top 10 by capitalization turned out to be in the red zone.
Trader Michael van de Poppe said the markets are now expecting a rate hike on positive US unemployment data. In his opinion, if digital gold fails to recover to previous levels, the asset may fall even lower – to $28,500.
According to Reuters, the number of employees in the private sector increased by 497,000 in June. Analysts initially predicted a smaller increase of 228,000 jobs. This indicates the stability of the market, despite the growing risks of a recession.
Recall, ARK Invest experts reported that the volume of bitcoins that have been stationary for more than a year has reached a historical maximum of 70% of the total market supply of the coin.
Block Scholes experts also recorded the loss of correlation with the US stock market for the first cryptocurrency – the 90-day moving average of the coefficient dropped to almost zero.
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