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Bitcoin sees its worst trading day since March

Josh Lipton and Julie Hyman

The cryptocurrency market is under pressure, with bitcoin (BTC-USD) having its worst trading day since March.

Yahoo Finance's Julie Hyman and Josh Lipton break down the performance of different cryptocurrencies and the reasons why the market is struggling.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Melanie Riehl

Video transcript

Well, let's talk about another trending ticker today.

Um, and really tickers is what we're talking about because we're talking about crypto here, and what we're seeing is a pullback in Bitcoin.

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But not just Bitcoin.

Many of the other coins are down Bitcoin itself having its worst day since March.

And then you see the suite of Ethereum, even as we continue the drum beat to approval of a spot.

E, Ethereum ETF cardano Solano Binance I saw Dogecoin is down.

The Sheba Inu coin is down.

You name it.

There seems to be a lot of, um, pressure here.

Um, and this is on top of selling that we had last week as well.

Um, some of what's going on here is just the ebbs and flows that we see in crypto.

There is, however, remember Mount Gox, that Japanese crypto exchange, uh, that got hacked into.

It's now as part of its whole process of recouping some of those losses.

It's gonna start apparently starting re repayments of Bitcoin and Bitcoin cash next month.

Um, we're not July yet.

No next month.

And so that's putting a little bit of selling pressure on, too.

Yeah, that's certainly adding to worries about selling pressure, Bloomberg pointed out.

By the way, Bitcoin investment products.

We saw around 600 million in outsource the second consecutive week, which was, they say that was the most over a two week period since the US actually green lit, Uh, those ETF S to hold the currency in January.

Well, yeah, and that's because there was all that money pouring in, and now we're seeing a little bit of a stalling out from that.

By the way, the record for Bitcoin was almost 74,000 back in March.