Bitcoin dropped by 8% in May

For the first time in 2023, the flagship cryptocurrency BTC $62,665.25 Bitcoin -0.33% Market capitalization $1.24 trillion VOL. 24 hours $1.31 billion ended the month with losses — in May, the value of bitcoin fell by about 8%.

On Wednesday, almost all major digital assets experienced a decline. As of May 31, the Bloomberg Galaxy Crypto 100 index also fell by almost 8%.

In contrast, in mid-April, the BTC rate briefly exceeded $ 31,000, by which time the cryptocurrency had grown by 84% in the annual range. However, after the April and May drops, bitcoin’s yield has fallen to 64% since the beginning of 2023.

The March banking crisis in the United States, as well as the Federal Reserve’s rate hike, had a significant impact on investor behavior. Even a surge in targeted activity on the bitcoin network in May failed to have a positive impact on the value of the cryptocurrency, Bloomberg analysts say.

Stocks, bonds, and gold have been much more effective than BTC over the past four weeks. The most popular instrument for investors was the stock of artificial intelligence companies. Their value jumped by more than 10% last month.

At the time of writing, bitcoin is worth $ 26,822 with a market capitalization of $ 562.4 billion, down 1.35% overnight. Bidders secured daily transactions worth $ 15.1 billion. The market share of BTC is 46%.

According to CoinMarketCap, the leading altcoin ETH $3,446.24 Ethereum -0.78% Market capitalization $414.21 billion VOL. 24 hours $0.55 billion is worth $ 1,855, which is 0.81% lower than 24 hours ago. The total supply of coins circulating on the market is $ 222.9 billion. Traders have executed $ 5.9 billion worth of daily ETH trades.