The cryptocurrency market continued in its bearish trend, as the market lost about $10.41 billion in the early hours of Wednesday, 2nd June, 2021.
The crypto market capitalisation declined by 0.78% to stand at $1.598 trillion as of 4:03am on Wednesday.
While the world’s most popular cryptocurrency, Bitcoin, dipped further by 0.9% to trade at $36,372.54, Ethereum also traded bearish on Wednesday morning, with a decline of 0.76% to trade at $2,614.28.
The month of May was that of significant losses for the crypto market, with the flagship cryptocurrency losing in excess of 36% in the month, representing its worst monthly performance since September 2011.
Meanwhile, a JP Morgan strategist has warned that the downturn experienced by bitcoin is not yet over, and is likely to continue, as cited by Yahoo Finance.
Nikolaos Panigirtzoglou, a J.P Morgan strategist and bitcoin expert said: “We had argued previously that the failure of bitcoin to break above the $60k threshold would see momentum signals turn mechanically more bearish and induce further position unwinds, and that this has likely been a significant factor in the correction last week in pushing CTAs [commodity trading advisor] and other momentum-based investors to cut positions.”
“The longer-term signal remains problematic, as it has yet to turn short. It would still take price declines to the $26k level before longer-term momentum would signal capitulation,” he added.
