The cryptocurrency market experienced a bloodbath in May and June, losing $1 trillion in value in weeks. The crypto market has been hard-hit by the challenging macroeconomic environment. In May, Bitcoin fell below the $26,000 mark for the first time in 16 months, dragging other cryptocurrencies with it. The crash has also increased the chances of regulation.
Bitcoin has been trading between $20,000 to just over $24,000 since mid-June after the crash wiped off 50% of its value this year.
