Reasons Behind the Decline in the Bitcoin Market

Since the week of March 20, a negative trend has persisted in the Bitcoin market, and the price of Bitcoin is trading at bottom levels despite resistance from bulls. Bitcoin is finding buyers around $67,500 as preparations for summer continue. The Impact of Genesis At the heart of the current decline are the large GBTC sales made by Genesis. In order to pay off its debts, the bankrupt Genesis had to convert its GBTC holdings into cash, which adversely affected the price of Bitcoin. US Economic Data Strong employment data from the US and wage increases in line with expectations contributed to the continued weakness in the price of Bitcoin. Informative Tips for Readers Current declines in the price of Bitcoin could be attributed to Genesis’ large BTC sales. Sales made to pay off debts have increased selling pressure in the market. Strong employment data in the US could create […]

Reasons Behind the Decline in the Bitcoin Market

Since the week of March 20, a negative trend has persisted in the Bitcoin market, and the price of Bitcoin is trading at bottom levels despite resistance from bulls. Bitcoin is finding buyers around $67,500 as preparations for summer continue.

The Impact of Genesis

At the heart of the current decline are the large GBTC sales made by Genesis. In order to pay off its debts, the bankrupt Genesis had to convert its GBTC holdings into cash, which adversely affected the price of Bitcoin.

US Economic Data

Strong employment data from the US and wage increases in line with expectations contributed to the continued weakness in the price of Bitcoin.

Informative Tips for Readers

Current declines in the price of Bitcoin could be attributed to Genesis’ large BTC sales.
Sales made to pay off debts have increased selling pressure in the market.
Strong employment data in the US could create negative pressure on Bitcoin.

In addition to these factors, while Genesis’ bankruptcy potential could potentially lead to larger declines, for now, it does not seem to have created a significant domino effect. With the completion of the sale of Genesis assets, a decrease in net outflow through the ETF channel is expected.

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