June 30, 2022: -On Wednesday, Bitcoin decreased below $20,000 as several factors, from macroeconomic worries issued by cryptocurrency companies, continue to weigh on the market.
The world’s huge cryptocurrency was trading down over 4% at around $20,056.48 at 07:36 a.m. ET, according to CoinDesk data. The bitcoin decreased as low as $19,841. Other digital coins, including ether, were smartly lower.
Bitcoin trades within a tight range in the previous two weeks, unable to make a significant move much following $22,000.
“A narrative that could well play out for this year and beyond is guiding bitcoin lower today, one of a looming slump and mushrooming levels of inflation,” analysts at cryptocurrency exchange Bitfinex said on Wednesday.
Inflation keeps rising while major banks also aim for further rate hikes, fears of a slump in the U.S. and elsewhere.
U.S. stock markets decreased on Tuesday, and futures stayed under pressure on Wednesday. Bitcoin has been correlated to movements in U.S. stock markets and tends to follow them lower or higher.
Vijay Ayyar, vice president of corporate growth and international at crypto business Luno, told CNBC that bitcoin is going to trade between $17,000 and $22,000 “for a while, given the current market sentiment” and expected interest rate hike from the U.S. Federal Reserve that continues to “weigh down all risk assets.”
“Most bounces are being dealt off for the last few weeks, typically categorized as bear market bounces, which seeks to trap late buyers, only to have them sell off positions lower,” Ayyar said.
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