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<p>The post <a href="https://coinpedia.org/news/why-is-bitcoin-price-down-today-came-back-to-60700/" rel="noopener noreferrer nofollow">Why is Bitcoin Price Down Today? Came Back To $60,700</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin’s recent surge has taken a hit as the cryptocurrency’s price dropped by 3.38% over the past day, <a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">settling at $60,780</a>. The 24-hour trading range for Bitcoin fluctuated between $60,584.34 and $63,151.44. As a result, Bitcoin’s market cap dipped to $1.19 trillion.&nbsp;</p>
<p>Bitcoin’s market dominance also saw a slight decrease, dropping 0.46% to 53.18%. Here are some of the main reasons why Bitcoin prices are falling again.</p>
<h2 class="wp-block-heading" id="h-bitcoin-spot-etf-saw-outflows">Bitcoin Spot ETF Saw Outflows</h2>
<p>On Tuesday, the 11 U.S. spot Bitcoin exchange-traded funds saw total <a href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">daily net outflows of $13.62 million</a>, marking a return to negative flows after five consecutive days of inflows. Grayscale’s GBTC experienced net outflows of $32.38 million, while Bitwise’s BITB lost $6.76 million.&nbsp;</p>
<p>The overall trading volume for these 11 spot bitcoin ETF funds was under $1 billion, significantly lower than the daily volume of around $8 to $10 billion seen in March 2024.</p>
<h2 class="wp-block-heading" id="h-whale-transfers-impact-price">Whale Transfers Impact Price</h2>
<p>According to Whale Alert, a large holder or institution <a href="https://x.com/whale_alert/status/1807832444227223826" rel="noopener noreferrer nofollow">transferred 1,800 BTC</a>, valued at $114 million, to Binance, causing Bitcoin’s price to drop from $63,800 to $62,900. This entity has been notably active, having previously withdrawn 6,725 BTC, equivalent to $437 million, from Binance and OKX.&nbsp;</p>
<p>Over the past five days, it transferred 3,481 BTC, worth $217 million, back to Binance at an average price of $62,300. Currently, the whale still holds 7,867 BTC, worth approximately $494 million.</p>
<h2 class="wp-block-heading" id="h-german-government-sells-bitcoin">German Government Sells Bitcoin</h2>
<p>The German government has also been liquidating its Bitcoin holdings. On Monday, July 1, it moved over 1,500 BTC, with 400 BTC worth over $25 million sent to exchanges like Coinbase, Kraken, and Bitstamp. Since June, the total BTC selloff by the German government has reached over 2,700 BTC.&nbsp;</p>
<h3 class="wp-block-heading" id="h-bitcoin-miners-selling-btc">Bitcoin Miners Selling BTC</h3>
<p>In the past 72 hours, Bitcoin miners have sold over 2,300 BTC, valued at about $145 million. This increased selling pressure follows the fourth Halving event, which reduced block rewards from 6.25 BTC to 3.125 BTC, leading miners to sell to limit their losses.</p>
<h2 class="wp-block-heading" id="h-bitcoin-price-to-hit-100k">Bitcoin Price to Hit $100K?</h2>
<p>Despite the recent drop, there are optimistic predictions for Bitcoin’s future. Geoffrey Kendrick, Standard Chartered Bank’s head of forex and digital assets research, predicts that Bitcoin could hit its all-time high in August, followed by a rise to $100,000 by the time of the U.S. presidential election in November.</p>
<p>He views Trump as “bitcoin-positive,” suggesting that both regulation and mining would be more favorable under his leadership.</p>
<p>As of now, Bitcoin is trading at $60,760, reflecting a 3.51% decrease in the past 24 hours. Despite the drop, trading volume has surged, now hovering at $22.5 billion, with a market cap of $1.19 trillion.</p>

Why is Bitcoin Price Down Today? Came Back To $60,700

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