Bitcoin has reversed its trend after reaching an all-time high.
As of 8 a.m. on the 29th, Bitcoin is trading at $106,300 on the U.S. cryptocurrency exchange Coinbase, down 1.06% from 24 hours ago. This is more than 5% lower than its peak price of $119,900.
Bitcoin reached its all-time high on the 22nd due to factors such as the overhaul of the asset-backed system by the Donald Trump administration and the weakness of the dollar. Since then, profit-taking has led to selling, and concerns over a U.S. economic recession have caused a downward trend for a week.
According to the minutes of the May Federal Open Market Committee (FOMC) meeting released on the 28th, Federal Reserve Commissioners expressed concerns that inflation and unemployment risks could increase simultaneously due to the tariff policies of the Trump administration.
Ethereum, the second-largest cryptocurrency by market capitalization, showed an increase of 0.25%, reaching $2,652. Solana decreased by 1.90% to $168, while Ripple rose 0.89% to $2.28.