Bitcoin traded lower on Wednesday as traders took profits into the June close. The world’s largest cryptocurrency is on track for a record second-quarter price drop of 41%, snapping a four-quarter winning streak that saw prices chart a sixfold rise to almost $65,000 in April.
The crypto sell-off over the past quarter was triggered by regulatory crackdowns, concerns about tighter monetary policy, environmental issues and a slowdown in institutional demand. Selling stabilized in June, leaving bitcoin in a tight range of between $30,000 and $40,000.
Bitcoin was trading at around $34,000 at press time and is down about 4% over the past 24 hours.
“Price swings reinforce the idea that volatility is a fundamental part of a nascent and expanding market,” Steve Elrich, CEO of crypto exchange Voyager Digital, wrote in an email to CoinDesk. “Investors are still buying the dip.”
Bitcoin (BTC) $34962.8, -3.92%
Ether (ETH) $2274.5, +2.31%
S&P 500: 4300.4, +0.2%
Gold: $1769.5, +0.5%
10-year Treasury yield closed at 1.458%, compared with 1.473% on Tuesday