As of Friday, July 5, the value of the currency fell by 8.1% compared to February and reached $54,300. The excitement around US exchange-traded funds investing directly in tokens is creating fears of higher interest rates for a longer period of time and political uncertainty.
Among other things, the administrators of the bankrupt Mt. Gox are repaying creditors with a large amount of Bitcoin worth about $8 billion. According to Arkham intelligence, $2.7 billion worth of tokens were transferred from the exchange's wallet on Friday. However, uncertainty about how many of these tokens will be sold is putting pressure on the market.
There are also indications that the German authorities may sell some of the 50,000 bitcoins that were confiscated from online criminals. At the same time, miners are under pressure to unload tokens to cope with declining profitability.
In March, Bitcoin hit an all-time high of $73,798, driven by unexpectedly high demand for the first US exchange-traded funds trading in the cryptocurrency. Since then, the inflow of tokens has been on the decline, leading to a decline in the exchange rate and a deterioration in the digital asset market.