CoinDesk Reports:
Bitcoin’s value plummeted today to $56,952, with altcoins seeing losses exceeding 8%. Investors express concerns over billions in oversupply. Additionally, fears grow that miner and long-term investor sell-offs could exacerbate a series of losses in the cryptocurrency market. Of concern, tomorrow is expected to see the first significant downturn.
Will cryptocurrencies continue to decline?
Despite Bitcoin hovering above $56,000, sustained selling pressure could push it toward a base of $50,000. According to CoinGlass data, Bitcoin futures liquidations have surpassed $100 million, significantly higher compared to recent weeks. As Asian markets begin trading, Bitcoin’s three consecutive days of decline have triggered major loss sequences. Visit COINTURK FINANCE for the latest financial and business news.
What’s notable about the spot Bitcoin ETF?
There have been no significant outflows recently from spot Bitcoin ETFs. Yesterday saw a net outflow of $20 million, with most sales coming from GBTC, amounting to $27 million. The remaining $7 million was offset by other exchange-traded funds.
What else is worth noting about spot Bitcoin ETFs?
A major downturn could occur tomorrow. With Bitcoin prices dropping 5% in a day and US markets closed for Independence Day, ETF investors will be unable to trade today. Market reopening tomorrow could trigger excessive selling from returning ETF investors after the holiday, posing risks of a price drop nearing today’s closing.
Investor insights
Key stakeholder opinions include:
Bitcoin futures liquidations have surged, exceeding $100 million.
Spot Bitcoin ETFs saw a net outflow of $20 million, predominantly from GBTC.
Reopening of US markets may lead to increased ETF selling.
Investors have the opportunity to buy altcoins at mid-last year’s prices. However, confidence remains low due to further potential declines.
In conclusion, the cryptocurrency market faces significant challenges with expectations of substantial price drops. Investors should exercise caution and consider key observations outlined for making informed decisions.
Follow our news on Telegram, Twitter (X), and Coinmarketcap. Disclaimer: Information in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies, thereby involving risks, and conduct their own research.
