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Why Bitcoin Price Dropped Today? It Dropped Back To $60,700
Bitcoin’s recent surge has taken a hit as the cryptocurrency’s price has dropped by 3.38% in the past day, settling at $60,780. The 24-hour trading range for Bitcoin has ranged between $60,584.34 and $63,151.44. As a result, Bitcoin’s market cap has dropped to $1.19 trillion.
Bitcoin’s market dominance also saw a slight decline, falling by 0.46% to 53.18%. Here are some of the main reasons why Bitcoin prices are falling again.
Spot Bitcoin ETF Sees Outflows
On Tuesday, the 11 spot Bitcoin exchange-traded funds in the United States posted a total Daily net outflows of $13.62 millionmarking a return to negative flows after five consecutive days of inflows. Grayscale’s GBTC saw net outflows of $32.38 million, while Bitwise’s BITB lost $6.76 million.
The total trading volume for these 11 spot bitcoin ETFs was less than $1 billion, significantly lower than the daily volume of around $8-10 billion seen in March 2024.
Whale movements impact price
According to Whale Alert, a large holder or institution 1,800 BTC transferredvalued at $114 million, to Binance, causing the price of Bitcoin to drop from $63,800 to $62,900. This entity has been remarkably active, having previously withdrawn 6,725 BTC, worth $437 million, from Binance and OKX.
Over the past five days, he has transferred 3,481 BTC, worth $217 million, to Binance at an average price of $62,300. The whale currently holds 7,867 BTC, worth about $494 million.
German government sells Bitcoin
The German government has also been liquidating its Bitcoin. 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 German government’s total BTC sale has reached over 2,700 BTC.
Bitcoin miners sell BTC
Over the past 72 hours, Bitcoin miners have sold over 2,300 BTC, worth about $145 million. This increased selling pressure follows the fourth halving event, which reduced block rewards from 6.25 BTC to 3,125 BTC, prompting miners to sell to limit their losses.
Will Bitcoin Price Reach $100,000?
Despite the recent decline, there are optimistic predictions for Bitcoin’s future. Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered Bank, predicts that Bitcoin could hit its all-time high in August, followed by a surge to $100,000 by the U.S. presidential election in November.
He calls Trump a “Bitcoin endorsement,” suggesting that both regulation and mining would be more favorable under his leadership.
Bitcoin is currently trading at $60,760, reflecting a 3.51% decline over the past 24 hours. Despite the decline, trading volume has increased, now standing at $22.5 billion, with a market cap of $1.19 trillion.
Read also: Altcoin Season Could Start in the Next 5 Weeks with a 10x Rally: Here’s Why