- Bitcoin is trading above $61K after plunging to $59K as Asia began its trading day
- Bitcoin has seen significant selling pressure from continued ETF outflow, Mt. Gox’s upcoming bankruptcy redemptions, and miner sales.
As a seasoned crypto investor with several years of experience in this dynamic market, I have seen my fair share of price swings and market volatility. Bitcoin’s recent drop to $59,200 during the Asian trading hours was concerning but not entirely unexpected given the continued selling pressure from various sources.
Bitcoin‘s value hovers around $61,000 with resilience following a brief dip to $59,200 during early Asian market hours.
Based on CoinDesk Indices information, the biggest digital asset globally has experienced a 2% decrease over the past day and a 6% decline during the previous week.
Over the past few days, there’s been a notable increase in Bitcoin sell-offs. This trend can be attributed to two main factors: the upcoming Mt. Gox bankruptcy redemptions and the disposal of Bitcoins by mining operations.
As a market analyst, I’ve observed that Bitcoin ETFs experienced a net withdrawal of approximately $174 million when the market closed in New York on Monday. To put it into context, these ETFs had recorded a significant outflow of close to a billion dollars in the previous week.
According to wagers placed on Polymarket, there is a 14% probability that Bitcoin will reach $65,000 by the end of this week. In contrast, there is a 71% likelihood that the Ether Exchange-Traded Fund (ETF) will commence trading before July 4.
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2024-06-25 09:13