Why Is Bitcoin Down To $60K Today?

Murtuza Merchant

July 03, 2024

Bitcoin (CRYPTO: BTC) has experienced a sharp decline in early Asian trading hours, dropping from $62,000 to $59,544, marking an over 4% decrease.

What Happened: This downturn coincided with the first net outflow from Bitcoin spot ETFs in nearly a week, according to data by cryptocurrency analytics firm SoSo Value.

On July 2, Bitcoin ETFs recorded a total net outflow of $13.6167 million, breaking a five-day streak of consecutive inflows.

The Grayscale Bitcoin Trust (OTC:GBTC) led the exodus with a substantial single-day outflow of $32.3779 million.

However, this was partially offset by inflows into other ETFs, with BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and Fidelity’s Wise Origin Bitcoin Fund (BATS:FBTC) attracting $14.1154 million and $5.4189 million, respectively.

The bearish sentiment extended beyond Bitcoin, affecting other major cryptocurrencies.

Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL) and Dogecoin (CRYPTO: DOGE) each experienced over 4% declines, mirroring Bitcoin’s downward trajectory. At the time of writing, Bitcoin is trading around $60,200.

Market analysts attribute this downward pressure to multiple factors, with particular emphasis on the anticipated distribution of Bitcoin from the defunct Mt. Gox exchange, expected to commence this month.

This looming supply increase has created uncertainty among investors, potentially contributing to the current price volatility.

Also Read: Bitcoin To Hit $100K By US Election: Standard Chartered

Why It Matters: Despite the current downturn, some analysts maintain a cautiously optimistic outlook.

Crypto analyst Ali Martinez has identified key resistance levels for Bitcoin, stating, “One of the most crucial resistance areas for Bitcoin is $65,795. If BTC can break past this level, the next significant target is $78,700!”

As the market grapples with these immediate challenges, attention is also turning to future developments, particularly in the Ethereum ecosystem.

A K33 analyst highlighted the potential impact of the upcoming Ethereum ETF, describing it as “a solid catalyst for ETH’s relative strength.”

The analyst predicts that while ETH might experience an initial dip post-launch, subsequent inflows could significantly boost its price.

Nate Geraci, president of The ETF Store, offered insights into the potential launch timeline for the Ethereum spot ETFs, suggesting a possible launch in the week of July 15.

This development could introduce new dynamics to the cryptocurrency market.

What’s Next: As these events unfold, industry stakeholders are looking forward to Benzinga’s Future of Digital Assets event on Nov. 19.

This gathering is expected to provide a platform for in-depth discussions on recent market trends, ETF flows, and their long-term implications for the digital asset landscape.

Image: Shutterstock

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