WHY IS $BITCOIN DUMPING?

$BTC recently dropped below $61,000, making a new monthly low of $60500

👉Here are some of the major reasons behind this $BTC dump

1) Mt. Gox distribution 

Just a few hours ago, Bloomberg

reported that Mt. Gox had announced plans to distribute 1,43,000 $BTC to its creditors starting in July.

This will add huge selling pressure on $BTC, and that's why the market is dumping in panic. 

2) Miners selling

In the month of June, miners selling

reached a yearly high. 

Miners sold around 30,000 worth $1.8B in the first 3 weeks. 

3) Huge ETF outflows 

Since June 15, $BITCOIN ETFs have experienced nearly $1B in outflows. 

It has experienced seven consecutive trading days of outflow, and it still seems like there could be more to come.

4) The German government dump 

Beside miners and ETFs, the German

government is also selling $BTC.

It has sold over $200M worth of $BTC and still holds over $2.8B worth of it.

All of this has caused spot selling along with massive forced liquidations. 

➡️ In the long run, $BTC is still going to $1,00,000+ and you need to HODL your bags, otherwise, you'll always buy high and sell low.