🚨🚨Top 5 Reasons Why the Crypto Market is Bleeding Today🩸🩸🩸🩸

Why Is Crypto Dumping?

👉Major Outflows and Whale Movements

Another outflow hit the BTC ETF on July 3. In altcoins, a crypto whale sold millions of dollars worth of coins, sustaining significant losses. The premier blockchain analysis tool Lookonchain said that this whale or institution sold 3.13 million LDO tokens for $5.77 million, 49,771 AAVE tokens worth $4.54 million, 269,177 UNI tokens worth $2.41 million, and 250,969 FXS tokens worth $708,000.

👉Rising Liquidation

The market has also been hit hard by rising liquidations. Just yesterday, BTC liquidations reached $14 million, but today, this figure surged to $36 million. These large-scale liquidations have triggered widespread sell-offs, further driving down BTC’s price.

👉Miners’ Struggles

Currently, BTC miners’ capitulation is among the major factors contributing to the falling prices. The mining community is under strain due to a persistently low hash rate leading to decreased earnings. Consequently, many miners are selling their BTC to maintain operations or switching to other proof-of-work tokens to sustain profitability.

Government Actions Fueling Panic

The actions of the German government have added to market fears. Recently, the government has been moving BTC around, causing panic among investors who are preemptively selling their holdings in anticipation of potential market impacts, despite the government not having sold any coins yet.

Bearish Market Sentiment

The overall market sentiment has turned bearish. A chart tracking Bitcoin flows in spot and derivative exchanges currently shows a negative outlook, with red indicating bearish sentiment and green indicating bullish sentiment.

Moreover, Bitcoin lost several key support levels in June, suggesting a midterm bearish trend. The focus is now on maintaining support above $60,000 as the weekly Relative Strength Index (RSI) approaches 50.

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