Why Bitcoin Is Declining While Stocks and Gold Are Rising: QCP Capital Answered!
Cryptocurrency analysis company QCP Capital made statements about the current situation of the market.
In the current report by QCP Capital, Bitcoin and altcoin markets were included. Analysts stated that the selling pressure came from Mt.Gox and Germany.
While stocks and gold prices have risen since the beginning of last week, crypto markets have moved in the opposite direction. What happened behind this situation became a matter of curiosity.
Early last week, heavy spot sales were observed. These sales suggest that the huge supply cited in the headlines was due to the German government and Mt. It has been suggested that this may have happened when Gox distributions were actually released.
Drop linked to US markets
However, the drop in prices coincided with the US July 4th holiday, and support was found the next day as US markets came back and bought. There were more than $143 million net inflows into spot Bitcoin ETFs on Friday.
Heading into the weekend, prices fluctuated wildly due to very low liquidity in the markets, with Bitcoin trading between $53,500 and $58,000, an unusually wide range.