🔥🔥🔥 #bitcoin☀️ Holds $61K After a Brief Nosedive
Bitcoin (BTC) is currently trading above $61,000 after briefly dipping to $59,200 as the Asian trading day commenced.
The cryptocurrency has faced significant selling pressure due to continued ETF outflows, upcoming Mt. Gox bankruptcy redemptions, and miner sales. Despite this, Bitcoin has stabilized above $61,000, though it remains down 2% over the past 24 hours and 6% over the past week, according to CoinDesk Indices data.
The CoinDesk Indices Bitcoin Trend Indicator reflects a notable downtrend, while the CoinDesk 20, which tracks the largest digital assets, is relatively flat. Ether (ETH) has not experienced the same pricing pressure as Bitcoin.
Meanwhile, the ether staking protocol Lido ($LDO ) continues to outperform the market, showing a 14% increase in the past day and a 25% rise over the last week, as traders remain impressed with its fees, revenue, and total value locked.
In recent days, Bitcoin has faced considerable sell pressure due to the anticipated Mt. Gox bankruptcy redemptions and miner sales. Market data indicates that #BitcoinETFs saw an outflow of $174 million by the close of trading in New York on Monday, ending last week with nearly $1 billion in outflows.
Polymarket bettors are currently giving a 14% chance that Bitcoin will rebound to $65,000 by the end of the week, while there is a 71% chance that the ether ETF will begin trading by July 4.
Source - coindesk.com
