💵💵🪂Here’s why Bitcoin price is crashing😱💵♀️
It's challenging to pinpoint the exact cause of the recent drop in BTC from just below $67,000 to just above $61,000, but several recent events likely contributed to traders selling off, resulting in approximately $100 billion in losses.
Why is Bitcoin crashing ?
Mid-month, the German government began transferring large amounts of BTC seized in January to various cryptocurrency exchanges, including Coinbase, Kraken, and Bitstamp. This move caused investor concerns due to Germany’s potential sale of up to 50,000 Bitcoins, which could significantly disrupt the market.
However, historical government sales of large BTC amounts, like the U.S. sale of 50,000 Bitcoins from the Silk Road case, suggest that such offloadings don’t typically cause price dumps. Despite this, fears intensified with the news that the bankrupt exchange Mt. Gox would start redistributing assets to its creditors, confirmed to begin in July. This involves around $9 billion worth of Bitcoin, potentially creating substantial selling pressure.
"Germany is dumping $3B and now Mt. Gox is dumping $9B Bitcoin." — Charles Edwards
Besides these major moves by uncommon BTC whales, low trading volumes at the start of June likely amplified the price effects of these sales. Additionally, technical analysis by several prominent cryptocurrency experts indicated a substantial downtrend, which may have further alarmed investors.
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