Bitcoin (BTC) Price Drops by 3% as Miners Continue Selling Rewards, German Government Sells Seized BTCs
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- 2024-06-25 18:25:411246browse
In a constant downward trajectory over the past week, BTC dropped by another 3% on Monday, taking its value below $62,000 and wiping out any gains it recorded last week.
Bitcoin (BTC) dropped by another 3% on Monday, continuing a constant downward trajectory over the past week. The crypto market lost about 7% in value.
The BTC price fell below $62,000 on Monday, wiping out any gains it recorded last week. Top altcoins like Ethereum (ETH), Cardano (ADA), and Binance Coin (BNB) recorded about the same losses as BTC at over 4%. Solana (SOL) dropped by 7%, and memecoins collectively fell by 5%.
According to crypto data, BTC whales and miners have sold over $1.2 billion worth of the asset within the past two weeks — that number will only go up as more wallets liquidate their reserves.
The steep price drops also liquidated about $150 million of longs on Monday. Long trades speculate on the price rises of BTC. They got liquidated as trader positions recorded losses and did not have enough funding to cover the falling price. Short bets speculating BTC’s downward price movements saw about $9 million getting liquidated.
Besides the continuous miner selling activity, with about 50,000 BTCs sold already from January, the German government is also selling BTCs, contributing to the declining value.
A German government agency, the German Federal Criminal Police Office (BKA), recently sold around 3,000 BTCs and has about 47,000 more coins to sell. It seized these assets from a piracy site in 713 and is finally liquidating them by taking them to exchanges like Kraken and Coinbase.
Moreover, a strong dollar performance and investors moving to less risky options like the booming US technology index market have also been limiting BTC’s momentum and causing its price to fold.
As BTC witnesses value reduction, the BTC ETFs listed in US markets have also registered large amounts of outflows, with the past week witnessing over $1 billion moving out of the instruments.
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