On June 25, the price of Bitcoin fell below $60,000, reaching a low of $58,900. Some of the factors that contributed to this drop include:
⚫ Mt. Gox Distribution
Mt. Gox announced plans to begin distributing 143,000 BTC to its creditors, generating huge selling pressure and causing market panic.
⚫ Miner Sales
In June, mining machine sales hit a yearly high. Miners sold about 30,000 BTC worth $1.8 billion in the first three weeks of the month.
⚫ ETF Funds Flowed Away
Since June 15, Bitcoin ETFs have seen outflows of more than $1 billion. ETFs have seen outflows for seven consecutive trading days, and this trend is expected to continue.
⚫ German Government Sales
Last week, the German government transferred a total of 1,700 BTC to Coinbase, Bitstamp, and Kraken. Today, they transferred a total of 400 BTC to Coinbase and Kraken, worth approximately $24.34 million.