Bitcoin (BTC) is down due to the following reasons
- The Federal Open Market Committee (FOMC) decided not to lower the interest rates, which means investors are not finding cryptocurrency to be a lucrative option at the moment.
- Outflows from crypto exchange-traded funds, or ETFs, have been quite high and have reached $1.2 billion in the past two weeks.
- Mt. Gox’s plan to return over 140,000 BTC to victims of a 2014 hack could introduce significant selling pressure for BTC.
- German government’s wallet moved nearly 6,500 BTC on June 19, according to Arkham Intelligence, which could also add to the selling pressure.