Bitcoin (BTC) price fell for a fifth straight day, heading toward the worst half-year loss on record. An adverse regulatory decision late Wednesday from the U.S. Securities and Exchange Commission squelched what little hope traders might have had of a quick rebound.
As of press time the largest cryptocurrency by market capitalization was changing hands just below $19,000, down 5.6% over the past 24 hours.
On the last day of the month, the one superlative in the market wasn't much to brag about: The January-June stretch marked bitcoin's worst six-month stretch on record, down 59%, based on data going back to the early 2010s.
Thursday's leg down came after the SEC rejected the application by CoinDesk sister company Grayscale to convert its Grayscale Bitcoin Trust (GBTC) into a bitcoin-holding exchange-traded fund. Other dismal industry news continues to pile up: CoinFLEX withdrawals remain halted as the company continue talks over a "recovery token."
Dare to discuss $10K?
And while $20,000 had been seen as a key pivot point for bitcoin's price, analysts are now daring to discuss an even more pessimistic milestone.
"Bitcoin could be vulnerable to one more ugly plunge that could have many traders fearing a fall towards the $10,000 area," Oanda senior market analyst Edward Moya wrote in an email.
Polygon's MATIC token slid 10% and ether (ETH) lost 8.6%.
In traditional markets, a slowdown in consumer spending rattled investors and raised fears anew about a coming recession while the Standard & Poor's 500 Index was headed for its worst first-half performance since the 1970s.
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