The price of Bitcoin fell for a fifth day, falling below $27,000 for the first time since September, as traders pointed to the conflict in the Middle East as a factor affecting investor sentiment.
The largest cryptocurrency by market value fell by about 3.2% to $26,541, the largest monthly decline. Smaller tokens such as Solana and Polygon also declined less.
Bitcoin strengthens its lead in the cryptocurrency market as investors remain cautious
It's a similar reaction to what we saw when the conflict in Ukraine first erupted last year, said Michael Savai, co-founder of quantitative trading firm Dexterity Capital. When there are more questions than answers, dealers tend to withdraw.
“This is a macro-level event that is not balanced by industry-level sentiment or activity, so there are not a lot of factors to keep prices higher at the moment,” Savai added.
