The price of bitcoin was last lower by 3% at $64,680.44, according to Coin Metrics, dipping under $65,000 for the first time since May 16. Earlier in the day, it fell as low as $64,347.91."Oftentimes, when traders are unimpressed with how the economy or markets are performing they either sell at a discount to minimize their losses or exit riskier positions while they wait for uncertainty to clear up," said Marko Jurina, CEO at Jumper.
"Today, we are likely seeing one or both of these scenarios play out," Jurina added."Economic conditions around the globe are weakening, geopolitical issues are far from resolution, and markets are thinner during the summer months. Given this perfect storm, moves will likely be parabolic in one direction or another, at least for the next few months, while many people are away from their desks on holidays and as the U.S. presidential election plays out.