Even though Bitcoin’s value has gone down recently, some experts are very hopeful about its future. Geoffrey Kendrick, who is in charge of studying money and digital assets at Standard Chartered Bank, thinks that Bitcoin’s price might reach its highest ever in August. He also believes that by the time people in the United States vote for their next president in November, Bitcoin could be worth as much as $100,000.
Bitcoin’s Current Status and Future Predictions
Geoffrey Kendrick believes that former President Trump is “bitcoin-positive,” meaning that Bitcoin regulations and mining could be more favourable if he were in power. Currently, Bitcoin is priced at $60,760, which is a 3.51% drop in the last 24 hours. Despite this decrease, trading activity has increased, with a trading volume of $22.5 billion and a market cap of $1.19 trillion.
Bitcoin Price Decline: Market Value Drops to $1.19 Trillion With Reduced Influence
Bitcoin’s price went down by 3.38% in the past day, now sitting at $60,780. Over the last 24 hours, its price moved between $60,584.34 and $63,151.44. Because of this drop, the total value of all Bitcoins, or market cap, is now $1.19 trillion. Bitcoin’s share of the entire cryptocurrency market also fell a little, by 0.46%, to 53.18%. Here are some of the main reasons why Bitcoin prices are going down again. provide a sub headline for this with a strong SEO generation.
Bitcoin Investment Funds Lose Money: $13.62M Taken Out After 5 Days of Gains
On Tuesday, 11 U.S. Bitcoin exchange-traded funds saw a total of $13.62 million being withdrawn, which was a change from five days of money coming in. Grayscale’s GBTC lost $32.38 million, and Bitwise’s BITB lost $6.76 million.
The total amount of trading for these 11 Bitcoin ETFs was less than $1 billion, which is much lower than the $8 to $10 billion traded each day in March 2024.
Big Moves by Large Buyers Affect Price
According to Whale Alert, a big investor or company moved 1,800 Bitcoins, worth $114 million, to Binance. This caused Bitcoin’s price to go down from $63,800 to $62,900. This entity has been very active lately. They took out 6,725 Bitcoins, worth $437 million, from Binance and OKX before this.
In the last five days, they moved 3,481 Bitcoins back to Binance, which were worth $217 million. They did this when Bitcoin’s average price was $62,300. Right now, this big investor still has 7,867 Bitcoins, which are worth about $494 million.
Bitcoin Miners Increase Sales: $145 Million Sold After Reward Reduction
Bitcoin miners have also been selling their Bitcoins. In the last 72 hours, they sold over 2,300 Bitcoins, which are worth about $145 million. This selling increased after the fourth Halving event, which reduced the rewards miners get for mining new Bitcoins. Miners sold their Bitcoins to avoid losing money.
German Government Sells Over 1,500 Bitcoins Since June
The German government sold some of its Bitcoin recently. On Monday, July 1, they sold over 1,500 Bitcoins. They sent 400 Bitcoins, worth more than $25 million, to exchanges like Coinbase, Kraken, and Bitstamp. Since June, the German government has sold more than 2,700 Bitcoins in total.
Key Facts:
- Bitcoin’s price dropped by 3.38%, settling at $60,780, with the market cap decreasing to $1.19 trillion.
- Spot Bitcoin ETFs lost $13.62 million, ending a period where they were gaining money.
- Germany sold 1,500 Bitcoins on Monday, bringing the total amount they’ve sold since June to 2,700 Bitcoins
Reference: Coinpedia
