Hassan Maishera
TL;DR
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Bitcoin has dropped below the $27k level once again after losing more than 1% of its value today.
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The poor performance comes as investors prepare for a possible recession in the United States.
Bitcoin Slips Below $27k Once Again
Bitcoin, the world’s largest cryptocurrency by market cap, has dropped below the $27k level once again. This comes after BTC lost more than 1% of its value over the last 24 hours.
The poor performance was triggered by the possibility of a recession in the United States. Treasury Secretary Janet Yellen warned that the United States could breach its debt limit by June 1, potentially setting off a recession in the event of default.
Despite the poor performance, market experts believe that the macroeconomic conditions favor the adoption of Bitcoin and other cryptocurrencies.
Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told CoinDesk that;
“The current macroeconomic situation is, in our view, conducive for increased crypto adoption. The debt ceiling getting raised also bodes well for risk assets as market participants seek to secure wealth.”
If the demand for cryptocurrencies increases, prices could also rally higher. Bitcoin has been struggling to move past the $30k psychological level over the past few weeks.
Any rally above that level could see Bitcoin test new yearly highs. BTC is still down by more than 60% from the all-time high price of $69k recorded in November 2021.
