Why did the cryptocurrency market fall today? Here are 5 reasons
The cryptocurrency market saw negative price activity for the third consecutive day, indicating low market sentiment. Over the past day, the cross-border market fell by $90 billion to $2.17 trillion, a drop of 3.67%. Market leader Bitcoin fell 3.27% in 24 hours to $58,067.63. Bitcoin fell 3.6% to $60,490 on July 1 due to selling pressure and the German government's selling.
Currently, the capitulation of BTC miners is one of the main factors leading to the price drop. The miner community is also under pressure, and the continued low hash rate has led to a decline in revenue. As a result, many miners are selling their BTC to maintain operations or turning to other proof-of-work coins to maintain profitability.
The German government's move has exacerbated the panic in the market. Recently, the government has been moving Bitcoin, which has caused panic among investors, who are worried about the possible impact on the market, and are rushing to sell their holdings, even though the government has not sold any Bitcoin yet.
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In addition, Bitcoin lost several key support levels in June, suggesting a medium-term bearish trend, and the current focus is on maintaining support above $60,000 as the weekly relative strength index (RSI) approaches 50. Analysts warn that if bearish sentiment persists, Bitcoin may fall to around $48,000 before a rebound is possible, marking a key test of its resilience amid continued market turmoil.
