Why is Bitcoin being sold off?
#CryptoTradingGuide #Mt.Gox将启动偿还计划
BTC recently fell below $61,000,
with a monthly low of $605,000
Here are some of the main reasons
behind the BTC plunge
👇
1) Mt.Gox Distribution
Just a few hours ago, Bloomberg
reported that Mt.Gox has announced
plans to distribute 143K BTC to its
creditors starting in July.
This will give
BTC, which is why the market
is dumping in a panic.
2) Miner sell-off
In June, miner selling
reached its highest level of the year.
Sold about 30,000 mining machines, worth $1.8 billion
in the first three weeks.
3) ETF outflows
Since June 15, Bitcoin ETFs
have experienced nearly $1 billion in outflows.
It has seen seven consecutive days of outflows, and still seems to have more to come.
4) German Government Selling
In addition to mining stocks and ETFs, the German
government is also selling BTC.
It has sold over $200 million worth of BTC
and still holds over $2.8 billion worth of assets.
All of this has led to spot sales
and massive forced
liquidations.
In the long run, BTC will still be above $100,000, and you need to HODL your
bags; otherwise, you will always buy high
and sell low.
