Why is Bitcoin falling? What is behind this decline?
Although Bitcoin started July quite well, it later dropped to $58,500 and continued to fall.
Analysts assess that US economic instability, Mt.Gox debt repayments, and whale BTC sales is the cause of this decline.
Bit.com Marketing Director, Toya Zhangin his statement to The Block, listed the events needed for Bitcoin to increase in price:
“While many analysts and experts predict a significant increase in July, we believe it is unlikely to see a significant increase without market liquidity, huge gains from new narratives, and rate cuts that will start a new bull run in the crypto space.
We also saw large sell orders on many OTC exchanges, suggesting that family offices and high net worth individuals have benefited from the recent bull run.”
Additionally, BTC whales have also had major sell-offs recently. According to Lookonchain’s post, a giant whale sent 1,700 BTC worth $99.92 million into Binance within the last hour.
While this whale was selling BTC at a loss, he deposited 3,500 BTC worth $206 million into Binance in just the last 6 hours.
Note that this whale deposited 1,700 $BTC($99.92M) to #Binance again 20 minutes ago.
He deposited 3,500 $BTC($206M) to #Binance in just 5 hours!https://t.co/gq0KtAOQEZ pic.twitter.com/tTKWALqNak
— Lookonchain (@lookonchain) July 4, 2024
CryptoQuant: “Bitcoin Has Bottomed”
