On June 25, the reason for the Bitcoin price plunge was revealed

Recently, the price of Bitcoin once fell below $60,000, reaching a low of $58,900. What caused this big drop? Let's find out.

⚫ Mt. Gox distribution caused panic

Mt. Gox announced that it would distribute 143,000 BTC to creditors. The huge selling pressure instantly caused market panic, causing prices to fall sharply.

⚫ Miners sold in large quantities

In June, miners sold frantically, and Bitcoin mining machine sales hit a year-on-year high. In the first three weeks, miners sold about 30,000 BTC, worth up to $1.8 billion, which had a huge impact on the market.

⚫ ETF fund outflows

Since June 15, the outflow of funds from Bitcoin ETFs has exceeded $1 billion. Funds have been outflowing for seven consecutive trading days, and this trend is expected to continue, which will have a negative impact on market confidence.

⚫ German government sells Bitcoin

Last week, the German government transferred 1,700 BTC to Coinbase, Bitstamp and Kraken. Today, they transferred another 400 BTC to Coinbase and Kraken, worth about $24.34 million, further exacerbating the selling pressure in the market.

Combining the above factors, the Bitcoin market suffered multiple negative blows and the price fell. Despite this, the market still has the potential to rebound, and investors need to pay close attention to market dynamics and adjust their strategies flexibly.

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