Summary
- Bitcoin (BTC) was trading at $70,077, down 4.17%% from a day earlier.
- Bitcoin's kimchi premium on Korean exchanges stood at -3.62%%.
- Bitcoin's weakness reflected a combination of geopolitical tensions, corporate selling, and concerns about outflows from spot Bitcoin exchange-traded funds (ETFs).
Forecast Trend Report by Period
Bitcoin briefly fell below $70,000.
As of 4 p.m. on June 2, Bitcoin was trading at $70,077 on Binance's USDT market, down 4.17% from a day earlier. On Upbit, it was trading at 102.46 million won.
Cryprice data showed the so-called kimchi premium for major cryptocurrencies, including Bitcoin, at -3.62% on June 2.
Bitcoin's weakness appears to reflect a combination of geopolitical tensions and corporate selling. Uncertainty over a ceasefire between the US and Iran, along with rising tensions in the Strait of Hormuz, weighed on appetite for risk assets. News that Strategy, formerly MicroStrategy, sold 32 Bitcoin also added pressure.
During the same period, US stocks showed relative strength, led by artificial intelligence chipmakers. The crypto market, however, came under pressure as Middle East risks coincided with concerns about outflows from spot Bitcoin exchange-traded funds.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
