Bitcoin peaked at $65,000 in mid-April, before retreating lower in subsequent sessions. The cryptocurrency plummeted to $28,800 on June 22 after repeatedly trying to stay above $30,000. It did so successfully, but failed to extend its upward momentum after facing comparatively higher selling pressure in the $35,000 to $36,000 range.
Bearish warnings for Bitcoin gained added prominence in recent weeks after global regulators stepped up their measures against virtual currencies. For example, in China, the central bank banned all kinds of cryptocurrency-related activity.
Meanwhile, Binance, the world’s leading cryptocurrency exchange platform by volume, was cornered by regulators in the UK, Thailand, Canada, Japan and the Cayman Islands due to its extensive crypto operations.
Last month, the UK’s Financial Conduct Authority banned Binance from regulated financial activities. The latter caused Barclays, Faster Payments and Santander to block their bank customers’ access to Binance.
BTC/USD offerings also fell along with traditional markets due to growing concern about the global economy, mainly after recent sharp movements in sovereign bond prices lowered expectations of a faster-than-expected economic acceleration. The profitiness of debt securities and the price of Bitcoin are usually inversely correlated.
As of July 12, 2021, the price of Bitcoin stands at $33,200, while the 10-year U.S. Treasury bond stands at 1.38%.