Bitcoin is down due to a combination of factors :$BTC
Stronger dollar performance: The dollar has reached a two-month high, causing alternative assets like bitcoin to be less appealing to investors.
Interest rate anticipation: The likelihood of interest rate hikes by the Federal Reserve has reduced the appeal of risky assets like bitcoin.
Inflation and PCE data: Anticipation of the upcoming release of the Personal Consumption Expenditures (PCE) price index data, which may show inflation cooling but remaining above the Fed's 2% target, has led to a decrease in bitcoin's value.
Mt. Gox repayment: The expected repayment of $9 billion worth of bitcoin by Mt. Gox, a defunct exchange, may lead to selling pressure in the bitcoin market.
Outflows from ETFs: Substantial withdrawals from bitcoin spot exchange-traded funds (ETFs) have been seen, contributing to the price decline.
Decreased whale transactions: A significant decrease in large-scale transactions has led to reduced activity from major players in the market.
Withdrawals from derivative exchanges: Traders have adopted a "risk-off" approach, moving assets away from derivative exchanges, indicating a decline in market confidence. $BTC #MtGoxJulyRepayments #CryptoPCEWatch #Write2Earn!