According to BlockBeats, on August 3, QCP Capital said that the market reversed the positive impact of Trump’s speech this week, and the price of BTC fell from a high of 70,000 to 60,000.

Contributing to the decline were selling pressure from the U.S. government (about 28,000 BTC), Mt. Gox (33,960 BTC), and Genesis ($1.5 billion worth of BTC and ETH).

In addition, the increase in Bitcoin mining difficulty to a record high and increasing expectations of a recession also contributed to the price decline. Options market data showed that price volatility is expected to stabilize in the summer.