Bitcoin has struggled to hold above $63,000, with Ethereum also facing difficulties reclaiming $2,440, as the crypto market remains stagnant amid economic and geopolitical uncertainties.
The Supreme Court's approval for the sale of 69,370 Bitcoins seized from Silk Road has introduced significant selling pressure, which might impact market prices depending on transactional methods.
Recent strong labor market data and a hawkish speech from Jerome Powell have diminished hopes for rapid interest rate cuts, influencing investor sentiment towards cryptocurrencies negatively.
As the US presidential elections approach, market caution is expected to continue, given the potential for significant changes in regulatory environments affecting the crypto industry.
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