Bitcoin fell by about 8% in May

For the first time in 2023, Bitcoin (BTC) ended the month with losses. In May, its value fell by about 8%.

Last Wednesday, almost all major digital currencies lost their positions. The Bloomberg Galaxy Crypto 100 index, following the results of trading on May 31, also fell by almost 8%.

In mid-April, the BTC exchange rate briefly exceeded $31,000, by which time the growth of the cryptocurrency in annual terms was 84%.

However, after the fall in April and May, bitcoin’s returns have fallen to 64% since the beginning of 2023.

The US banking crisis in March, as well as the Federal Reserve’s rate hike, undermined the appeal of digital currencies.

Even a surge in targeted activity in the bitcoin network in May could not have a positive impact on the value of the cryptocurrency, Bloomberg analysts say.

Stocks, bonds and gold have outperformed BTC over the past four weeks.

The most popular tool for investors has become shares of companies related to artificial intelligence. Their value last month jumped more than 10%.

On the night of Thursday, June 1, bitcoin rose to $27,101. Its capitalization increased to $525.609 billion.

Ethereum (ETH), on the contrary, is getting cheaper. Altcoin dipped below $1900.

Experts do not exclude that ETH will fall below $1800 in the coming days, this mark is considered by them as the bottom in the current cycle.