$Bitcoin

Bitcoin price experienced a volatile start to the new trading week, dropping below $56,000 during the Asian session and again in early U.S. hours.What Happened: The overall cryptocurrency market also suffered, with its total valuation down to $2.1 trillion, according to DL News. An analyst at crypto trading firm Wintermute described the situation as “The streets are covered with haemoglobin.”Experts are monitoring four key factors influencing Bitcoin’s price:

1- Industry analysts expect U.S.regulators to approve spot Ethereum

 exchange-traded funds (ETFs) soon. David Zimmerman from K33 Research told DL News that a positive ETF update could signal a market recovery, while other analysts believe their trading launch is around the corner.

2- Additionally, the long-awaited repayment to Mt. Gox creditors began on Friday, with $2.6 billion in Bitcoin being returned. 

Brian Rudick from GSR noted that this could impact the market as creditors might sell their holdings.

3- The German government moved over 10,000 Bitcoin to various wallets and exchanges since June 19, according to Arkham Intelligence, with traders fearing a potential sell-off.

4- Lastly, traders are closely watching the Federal Reserve’s stance on interest rates. A potential rate cut could lead to increased investment in riskier assets like cryptocurrencies. 

David Brickell from FRNT Financial suggested that rate cuts might begin in September .

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