Bitcoin’s ($BTC) monthly win streak has come to an end.
BTC ended May down 4% on the month. The largest cryptocurrency by market capitalization had risen in both March and April of this year before sliding lower during May. In late day trading on May 29, Bitcoin’s price was at $73,000, down from a peak of $82,000 earlier in the month.
Analysts say that cryptocurrencies continue to be hurt by geopolitical uncertainty, notably the Iran war. There is also weak demand for digital assets among institutional investors. Over the past nine trading sessions, investors have pulled $2.8 billion from about a dozen Bitcoin exchange-traded funds (ETFs), the most since the investment vehicles were launched two years ago.
Ethereum Falls Too
Bitcoin isn’t alone in its May decline. Ethereum ($ETH), the second largest digital asset, fell 12% during the month as investors headed to the sidelines. Ethereum’s price has fallen 5% in the past five trading sessions and is down 33% on the year.
Most worrisome, Ethereum’s price recently fell below the key support level of $2,000 that analysts say is critically important. Skeptics say that there is likely to be further downside in Ethereum now that the price has dropped below $2,000.
BTC’s Three-Month Performance
Despite the selloff in recent days, Bitcoin has recovered from its year-to-date lows and risen 13% in the past 12 weeks.
