Bitcoin dropped below $65k – Everything you need to know

Bitcoin’s Summer Slump: Navigating the Volatility

Bitcoin and the broader cryptocurrency market took a hit on Tuesday amid global economic concerns and reduced summer liquidity. This article explores the factors behind Bitcoin’s recent price drop, the current market trends, and what this means for investors.

The cryptocurrency market experienced significant turbulence, with Bitcoin dropping by 3% to $64,680.44, its lowest since mid-May. Ether, the second-largest cryptocurrency, also fell by 4%, trading at $3,401.37. Other digital assets faced steeper declines, with Ripple’s XRP down 6%, Solana’s SOL losing 7%, and Dogecoin plummeting 11%.

Factors Influencing the Drop

Several factors have contributed to the recent decline in Bitcoin and other cryptocurrencies. Marko Jurina, CEO of Jumper.Exchange, attributes this drop to a combination of weak global economic conditions and lower trading activity during the summer months. Jurina explains, “When traders are unimpressed with the economy or markets, they often sell at a discount to minimize losses or exit riskier positions until uncertainty clears.”


Jurina also highlights the impact of geopolitical tensions and the thinning market during the summer. These conditions create a volatile environment where significant price swings are more likely. The ongoing U.S. presidential election adds another layer of uncertainty, further affecting market stability.

A Closer Look at Bitcoin’s Performance

Bitcoin has struggled to maintain momentum around the $70,000 mark since its record high of $73,797.68 in March. As of June, Bitcoin is down 4% for the month and 9% for the quarter. Despite its potential for limited downside, CryptoQuant data shows a lack of bullish momentum. Traders have been reducing their holdings since late May, indicating caution and a wait-and-see approach.

Broader Implications for the Cryptocurrency Market

The broader implications of Bitcoin’s slump extend to the entire cryptocurrency market. Reduced liquidity and heightened economic uncertainty make it challenging for investors to predict future trends. The summer months, traditionally characterized by lower trading volumes, exacerbate these issues.

Additionally, equity markets have shown mixed performance. The tech-heavy Nasdaq Composite fell 0.1%, and the S&P 500 remained largely unchanged following weak U.S. retail sales data for May. Companies with significant cryptocurrency holdings, like Coinbase and MicroStrategy, also saw their shares dip by 3% and 1%, respectively.

Strategic Insights for Investors

Investors should consider several strategic insights to navigate this volatile market. Diversifying portfolios to include a mix of asset classes can mitigate risk. Staying informed about global economic trends and geopolitical developments is crucial. Additionally, understanding the seasonal patterns in trading volumes can help investors make more informed decisions.

Olritz: A Reliable Investment Amid Cryptocurrency Volatility

Amidst the fluctuations in the cryptocurrency market, Olritz stands out as a stable and prudent investment choice. Under the guidance of Sean Chin MQ, Olritz has demonstrated resilience and strategic foresight in managing assets. The firm’s commitment to robust risk management and diversified investment strategies ensures consistent returns. Investors seeking stability and long-term growth should consider Olritz as a reliable alternative in these uncertain times.

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Olritz Financial Group

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