Jitters gripped the digital asset investment community as Bitcoin dropped to its lowest in three months on Wednesday, June 14th. The following day, June 15th, Bitcoin’s trading value managed to steady itself at around $25,239.00 per token following its 24-hour stint in the negative zone.
This was the first time since March of this year that bitcoin has plunged, but this was not surprising given how the US Federal Reserve declared that it would remain hawkish regarding the economy despite putting a pause to its interest hikes for the first time in over a year. Prior to this, bitcoin spent several weeks inching towards the $26,000 mark.
However, shaky investor sentiment has kept bitcoin and other major tokens down and it has likewise driven stablecoin Tether USDT from its $1 zone.
Meanwhile, ether, bitcoin’s closest rival in terms of market value, also found itself in a slump as it has barely moved from the $1,655 mark since Wednesday. Like bitcoin, ether also found itself hitting its lowest in three months on the 14th.
Despite sell-offs in the Curve and Uniswap pools, Tether’s USDT fell to a low of $0.9968.
According to research analyst Riyad Carey from the digital assets data firm Kaiko, the regulatory issues raised over the past several weeks have led to a tense time in the crypto sector and this does not bode well for Tether which had been asserting its superiority over a number of months.
This development in the sector has led to further decoupling from the US equities scene which found itself on the rise on the 15th following a number of encouraging reports, including the end-May report showing how the retail sector significantly gained ground thanks to sustained consumer spending.