Marko Jurina, Jumper CEO, said traders who are unhappy with the economy or markets sell at a discount to reduce losses or abandon riskier positions while waiting for clarity.
A decentralized exchange (DEX) that enables users swap and bridge coins between blockchain networks.
Jurina stated, “Today, we are likely seeing one or both of these scenarios play out.Global economic circumstances are worsening, geopolitical challenges are unresolved, and summer markets are leaner.
For two months, when many people are on holiday and the U.S. presidential election is underway, this perfect storm will create parabolic fluctuations.
After weak May U.S. retail sales data, the tech-heavy Nasdaq Composite fell 0.1% as the S&P 500 held steady. Coinbase fell 3%, MicroStrategy 1%.
Bitcoin has battled to hit $70,000 since March 14, when it touched $73,797.68.
That level was last tested in early June. The month and quarter fell 4% and 9%.
Bitcoin may fall less, but CryptoQuant is bearish. Its on-chain data suggests traders have sold since bitcoin hit $70,000 in late May and are still not buying.