Reasons for the Decline in the Bitcoin Market

Since the week of March 20, the negative trend in the Bitcoin market continues, and the price of Bitcoin is trading at bottom levels despite resistance from the bulls. Bitcoin finds buyers around $67,500 as summer approaches. Effect of Genesis The recent downturn is driven by the significant GBTC sales made by Genesis. In order to pay off its debts, the bankrupt Genesis had to convert its GBTC holdings into cash, which had a negative impact on 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. Useful Information for Readers The current downturn in the price of Bitcoin may be linked to Genesis’s large BTC sales. Sales made to pay off debts increase selling pressure in the market. Strong US employment data may create negative pressure on Bitcoin. In […]

Reasons for the Decline in the Bitcoin Market

Since the week of March 20, the negative trend in the Bitcoin market continues, and the price of Bitcoin is trading at bottom levels despite resistance from the bulls. Bitcoin finds buyers around $67,500 as summer approaches.

Effect of Genesis

The recent downturn is driven by the significant GBTC sales made by Genesis. In order to pay off its debts, the bankrupt Genesis had to convert its GBTC holdings into cash, which had a negative impact on 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.

Useful Information for Readers

The current downturn in the price of Bitcoin may be linked to Genesis’s large BTC sales.
Sales made to pay off debts increase selling pressure in the market.
Strong US employment data may create negative pressure on Bitcoin.

In addition to these factors, while Genesis’s bankruptcy potentially opens up bigger vulnerabilities, it does not currently seem to create a major domino effect. Upon completion of the sale of Genesis assets, a decrease in net outflows in the ETF channel is expected.

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