WHY IS BITCOIN DUMPING?
BTC recently dropped below $61,000, making a new monthly low of $60.5K
Here are some of the major reasons behind this BTC dump 👇
1) Mt. Gox distribution
Just a few hours ago, Bloomberg reported that Mt. Gox had announced plans to distribute 143K BTC to its creditors starting in July.
This will add huge selling pressure on BTC, and that's why the market is dumping in panic.
2) Miners selling
In the month of June, miners selling reached a yearly high.
Miners sold around 30K worth $1.8B in the first 3 weeks.
3) Huge ETF outflows
Since June 15, Bitcoin ETFs have experienced nearly $1B in outflows.
It has experienced seven consecutive trading days of outflow, and it still seems like there could be more to come.
4) The German government dump
Beside miners and ETFs, the German government is also selling BTC.
It has sold over $200M worth of BTC and still holds over $2.8B worth of it.
All of this has caused spot selling along with massive forced
liquidations.
In the long run, BTC is still going to $100K+, and you need to HODL your bags; otherwise, you'll always buy high and sell low.
