Happycoin.club - Since the beginning of June, investors have been watching the first cryptocurrency Bitcoin (BTC) with great caution.
Despite hopes that the approval of BTC-based exchange traded funds (ETFs) will lead to a rise in the price of Bitcoin to $100,000 or even $300,000, we are actually seeing a gradual decline in the price of the coin.
Over the past 30 days, BTC has been in a downtrend and fell by 13.7%. On the evening of June 24, its price fell into the $59,000 range, well below the average for a couple of months of $65,000–67,000.
BTC price chart for 30 days. Source: CoinGecko
While it is difficult to pinpoint the source of the current selling pressure that has caused BTC to fall from the $66,000 range to below $60,000, there are several contributing factors that can be identified.
Around mid-June, the German government began selling the huge amount of BTC confiscated in January on several cryptocurrency exchanges, including Coinbase (NASDAQ:COIN), Kraken and Bitstamp.
This move caused concern among investors, given that the number of Bitcoins was approximately 50,000 BTC. Undoubtedly, this amount increased the volatility of the main cryptocurrency.
Panic sentiment was intensified by reports of imminent payments to creditors of the bankrupt crypto exchange Mt. Gox 150,000 BTC. Transfers should begin in July.
That same month, Bitcoin miner reserves hit a 14-year low. Operators of this type of business were forced to sell the BTC they mined to offset operating costs.