The economy Cryptocurrencies under pressure: Bitcoin briefly falls below 60,000 dollars

Cryptocurrencies remain under pressure on the financial markets. On Monday, the price of Bitcoin, the oldest and best-known digital asset, fell to just under USD 59,700 on the Bitstamp platform. This was the lowest level since the beginning of May.

Bitcoin recently traded slightly above the psychologically important USD 60,000 mark again. In a daily comparison, the losses amounted to almost 3,000 dollars or 4.5 percent. Ether, the second-largest cryptocurrency by market value, also fell further.

One expert pointed to profit-taking and declining demand for exchange-traded spot ETFs from the US. These had only been approved at the beginning of the year and had led to strong demand for digital assets. The Bitcoin price subsequently rose to a record high of almost 74,000 dollars.

It is currently unclear when and to what extent the US Federal Reserve could loosen its monetary policy. This uncertainty is weighing on risky assets in particular, including crypto assets such as Bitcoin and Ether.

The market also referred to fears of a rapid increase in the supply of Bitcoin. The insolvency administrator of the trading exchange Mt Gox, which failed around a decade ago, announced that redemptions of Bitcoin and Bitcoin Cash would take place from July. These are holdings that resurfaced after the spectacular bankruptcy.