The post Why is Bitcoin Price Down Today? Came Back To $60,700 appeared first on Coinpedia Fintech News
Bitcoin’s recent surge has taken a hit as the cryptocurrency’s price dropped by 3.38% over the past day, settling at $60,780. The 24-hour trading range for Bitcoin fluctuated between $60,584.34 and $63,151.44. As a result, Bitcoin’s market cap dipped to $1.19 trillion.
Bitcoin’s market dominance also saw a slight decrease, dropping 0.46% to 53.18%. Here are some of the main reasons why Bitcoin prices are falling again.
Bitcoin Spot ETF Saw Outflows
On Tuesday, the 11 U.S. spot Bitcoin exchange-traded funds saw total daily net outflows of $13.62 million, marking a return to negative flows after five consecutive days of inflows. Grayscale’s GBTC experienced net outflows of $32.38 million, while Bitwise’s BITB lost $6.76 million.
The overall trading volume for these 11 spot bitcoin ETF funds was under $1 billion, significantly lower than the daily volume of around $8 to $10 billion seen in March 2024.
Whale Transfers Impact Price
According to Whale Alert, a large holder or institution transferred 1,800 BTC, valued at $114 million, to Binance, causing Bitcoin’s price to drop from $63,800 to $62,900. This entity has been notably active, having previously withdrawn 6,725 BTC, equivalent to $437 million, from Binance and OKX.
Over the past five days, it transferred 3,481 BTC, worth $217 million, back to Binance at an average price of $62,300. Currently, the whale still holds 7,867 BTC, worth approximately $494 million.
German Government Sells Bitcoin
The German government has also been liquidating its Bitcoin holdings. On Monday, July 1, it moved over 1,500 BTC, with 400 BTC worth over $25 million sent to exchanges like Coinbase, Kraken, and Bitstamp. Since June, the total BTC selloff by the German government has reached over 2,700 BTC.
Bitcoin Miners Selling BTC
In the past 72 hours, Bitcoin miners have sold over 2,300 BTC, valued at about $145 million. This increased selling pressure follows the fourth Halving event, which reduced block rewards from 6.25 BTC to 3.125 BTC, leading miners to sell to limit their losses.
Bitcoin Price to Hit $100K?
Despite the recent drop, there are optimistic predictions for Bitcoin’s future. Geoffrey Kendrick, Standard Chartered Bank’s head of forex and digital assets research, predicts that Bitcoin could hit its all-time high in August, followed by a rise to $100,000 by the time of the U.S. presidential election in November.
He views Trump as “bitcoin-positive,” suggesting that both regulation and mining would be more favorable under his leadership.
As of now, Bitcoin is trading at $60,760, reflecting a 3.51% decrease in the past 24 hours. Despite the drop, trading volume has surged, now hovering at $22.5 billion, with a market cap of $1.19 trillion.