Bitcoin experienced its fourth consecutive session of decline, reaching its lowest since February, due to concerns over potential government selling, failed exchange creditors, and struggling crypto miners.
Cryptocurrencies experienced a significant drop, falling up to US$53,602, despite stock markets’ advances, highlighting the industry’s various challenges.
Bitcoin’s value has fallen by 25% since March due to concerns over interest rates and political uncertainty, affecting U.S. exchange-traded funds investing in the token.
The Mt. Gox exchange is returning an $8 billion Bitcoin hoard to creditors, with uncertainty about its eventual sale. German authorities are preparing to sell some of the 50,000 Bitcoin seized from online criminals.
MSCI’s global stock gauge is near a record high, and a 30-day correlation between Bitcoin and the index is decreasing. Crypto markets are experiencing a lack of buzz, with most news being bearish.
Von Haenisch suggests crypto requires dovish monetary policy from the US Federal Reserve, including one to two rate cuts and Fed balance sheet expansion.
Crypto exchange WOO X’s Willy Chuang predicts short-term selling pressure, but long-term impact may be less severe as market absorbs pressure, reducing market fear.
US hiring moderated in June, with revised lower months, suggesting the Federal Reserve may begin cutting interest rates. Bitcoin’s all-time peak reached $73,798 in March, but inflows have ebbed, affecting the digital asset market.
Liquidity
Over $536 million in bullish crypto positions were liquidated in the past 24 hours, with the most since April. Poor weekend liquidity could exacerbate moves, while U.S. investor return could bring stability.
Bitcoin miners are selling their token inventory due to the financial impact of April’s halving, which reduced the number of new tokens received.
Bitcoin miners’ daily revenue has dropped 75% to $26.5 million since April’s halving, with transaction fees now 3.7% of total revenue. The $51,000-$52,000 range is crucial for profitable mining.
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Over $536 million in bullish crypto positions were liquidated in the past 24 hours, with the most since April. Poor weekend liquidity could exacerbate moves, while U.S. investor return could bring stability.
Bitcoin miners are selling their token inventory due to the financial impact of April’s halving, which reduced the number of new tokens received.
Bitcoin miners’ daily revenue has dropped 75% to $26.5 million since April’s halving, with transaction fees now 3.7% of total revenue. The $51,000-$52,000 range is crucial for profitable mining.
Over $536 million in bullish crypto positions were liquidated in the past 24 hours, with the most since April. Poor weekend liquidity could exacerbate moves, while U.S. investor return could bring stability.
Bitcoin miners are selling their token inventory due to the financial impact of April’s halving, which reduced the number of new tokens received.
Bitcoin miners’ daily revenue has dropped 75% to $26.5 million since April’s halving, with transaction fees now 3.7% of total revenue. The $51,000-$52,000 range is crucial for profitable mining.
Over $536 million in bullish crypto positions were liquidated in the past 24 hours, with the most since April. Poor weekend liquidity could exacerbate moves, while U.S. investor return could bring stability.
Bitcoin miners are selling their token inventory due to the financial impact of April’s halving, which reduced the number of new tokens received.
Bitcoin miners’ daily revenue has dropped 75% to $26.5 million since April’s halving, with transaction fees now 3.7% of total revenue. The $51,000-$52,000 range is crucial for profitable mining.
Over $536 million in bullish crypto positions were liquidated in the past 24 hours, with the most since April. Poor weekend liquidity could exacerbate moves, while U.S. investor return could bring stability.
Bitcoin miners are selling their token inventory due to the financial impact of April’s halving, which reduced the number of new tokens received.
Bitcoin miners’ daily revenue has dropped 75% to $26.5 million since April’s halving, with transaction fees now 3.7% of total revenue. The $51,000-$52,000 range is crucial for profitable mining.