Golden Finance reported that, according to Copper’s report, as of June 24, the monthly supply growth of Tether (USDT) was less than 1.5%, significantly lower than the over 5% in April and May. The trading volume of USDT decreased from a historical high of $767.2 billion on March 11 to $53.5 billion on June 24. With a market capitalization of $113 billion, the slowing supply growth indicates a decrease in funds flowing into the cryptocurrency market.
In addition, the daily outflow of the Bitcoin market has recently increased significantly, with over $540 million flowing out last week. In the past 30 days, the price of Bitcoin has dropped over 10%, from $68,000 to $62,000.
Macro-economic pressures also affect the cryptocurrency market. According to ETC Group’s report, the downward revision of global growth expectations and the increased risk of a US economic recession may continue to pose challenges to the price of Bitcoin.
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