Bitcoin dips back below $19,000

Bitcoin (BTC) has once again dropped below $19,000 today (June 30) as the liquidity crisis among crypto companies continues to cause casualties.

According to Coin Metrics, the currency has been trading 6% lower at $18,930.00. It is down roughly 58% this year, having plummeted more than 70% from an all-time high of $68,990.90 in November.

In an email to CNBC, SEBA Bank head of research Yves Longchamp said: “Bitcoin continues to be under pressure as other assets are. The mix of high inflation, rising interest rates and recession weigh on cryptocurrencies.”

While cryptocurrencies were hit by the shock demise of stablecoin Terra USD (UST) and its sister coin Luna in May, BTC is also under the influence of macroeconomic factors.

The coin is closely correlated to the movement of equity indexes, in particular the Nasdaq, and as stocks have been under pressure so has the price of BTC.

The global rise in inflation is also causing uncertainty across all markets, with a recession being predicted in the US and other countries.

The knock-on effect of all this in the crypto industry was probably most keenly felt on Monday, when crypto hedge fund Three Arrows was ordered to liquidate by a court in the British Virgin Islands.

Prior to this, several crypto exchanges indicated that they were feeling the squeeze, with both Coinbase and Gemini saying that had decided to cut back on staff numbers while they attempted to weather the crypto winter.

Meanwhile, Binance and OKX seems to have managed not to overleverage themselves and are going against the grain by expanding their teams despite the current downturn.

While BTC continues its volatile streak, you can safely enjoy a flutter with your crypto at 1xBit, Bitcasino.io or FortuneJack.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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