Summary
- Bitcoin fell 5.22%% from a day earlier, briefly dropping below 100 million Korean won and the $68,000 level.
- Middle East risk tied to the US and Iran, along with Strategy's sale of 32 Bitcoin, added to risk-off sentiment and weakened investor appetite.
- US April JOLTS job openings came in above expectations, bringing rate concerns back into focus, while Bitcoin's kimchi premium stood at -3.15%%.
Forecast Trend Report by Period
Bitcoin fell back below 100 million Korean won and briefly slipped under $68,000.
As of June 2, Bitcoin was trading at $67,838 on Binance's USDT market, down 5.22% from a day earlier. On Upbit, it traded at 99.64 million Korean won. It was the first time in more than three months that Bitcoin had fallen below 100 million Korean won on a domestic exchange.
The decline was seen as the result of several headwinds rather than a single negative catalyst. In the Middle East, delays in negotiations between the US and Iran, along with continued uncertainty surrounding the Strait of Hormuz, fueled risk-off sentiment.
Within the cryptocurrency market, news that Strategy, formerly MicroStrategy, had sold 32 Bitcoin shook sentiment toward companies known for holding the token for the long term.
At the same time, the US Job Openings and Labor Turnover Survey for April showed 7.618 million job openings, well above expectations. That weakened hopes for labor-market cooling and renewed concerns about interest rates.
Meanwhile, according to Cryprice, the kimchi premium for major cryptocurrencies including Bitcoin stood at -3.15% on June 2.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
