Bitcoin Dips Under $20K on Blunted Growth Sentiment as Spain Fuels Inflation Concerns

Bitcoin dips briefly dipped below the $20,000 mark in Asian afternoon hours amid a drop in Asian and European stock markets.
Bitcoin fell to $19,880, revisiting last week’s levels, before gaining some $300 at time of writing. The asset fell to a low of $17,710 in mid-June as investors pulled money from risky assets amid a poor macroeconomic environment.
Coin Desk – Unknown Bitcoin fell to support last week amid revived growth concerns. (Commercial view)
Inflation rose to a nearly 37-year high of 10% in Spain, denting investor confidence in Europe. The Stoxx Europe 600 Index fell 0.84%, while Germany’s DAX fell 1.84%. Stocks in Asia also fell, with Japan’s Nikkei falling 0.92% and the Shanghai Composite shedding 1.40% despite some Chinese cities easing quarantine requirements on Tuesday.

Wells Fargo said in a note Tuesday that a drop in share prices is likely to “take time to repair.” In the US, the S&P 500 has fallen more than 20% from its December 2021 high, putting it in a technical “bear market” as inflation hit a 28-year high in May.
“For now, we favor patience before committing new cash to equity,” Wells’ team wrote this about Bitcoin Dips. “With the Federal Reserve just beginning the tightening cycle, we have shifted our investment preferences away from economically sensitive assets and toward more defensive and quality-oriented assets.” A note came as New York Federal Reserve President John Williams said on Tuesday that he expects “the US is going to lose money. slowdown in the economy,” according to MarketWatch.
Bitcoin dips has traded similarly to risky tech stocks over the past year, meaning a further downside in popular tech bets could see the world’s largest cryptocurrency fall to levels previously seen before 2018.

Bitcoin dips fell to $19,880, revisiting last week’s levels, before gaining some $300 at time of writing. The asset fell to a low of $17,710 in mid-June as investors pulled money out of risky assets amid a poor macro environment. Bitcoin fell to $19,880, revisiting last week’s levels, before gaining about $300 at the time of writing. The asset fell to a low of $17,710 in mid-June as investors pulled money from risky assets amid a poor macroeconomic environment.