Bitcoin

Silk Road

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Sustained selling pressure gripped Bitcoin as exchange deposits increased due to bearish market sentiment.&nbsp; 
According to IntoTheBlock data, crypto holders have sent over 21,000 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) to centralized exchanges like Binance and Coinabse in the past week alone.&nbsp;The total amount of BTC transferred to these trading venues exceeded an estimated $1.2 billion as the token changed hands around $55,000 on Friday. 
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 BTC deposits on crypto exchanges surge | Source: <a href="https://app.intotheblock.com/coin/BTC" target="_blank" rel="">IntoTheBlock</a>
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<h2 class="wp-block-heading" id="why-is-bitcoin-down">Why is Bitcoin down?</h2> 
Bitcoin’s 21% decline in the past month indicates sustained selling pressure due to macroeconomic factors, institutional capitulation, government sales, creditor repayments, and market uncertainty.&nbsp; 
Inflation data in the U.S. showed signs of slowing down, but not enough to trigger interest rate cuts from the Federal Reserve. The central bank maintained its tighter monetary policies, <a href="https://crypto.news/bitcoin-rally-hinges-on-rate-cut-bitfinex-exec-says/" target="_blank" rel="noreferrer noopener">reducing</a> risk appetite as the Fed holds out for its 2% inflation target. 
Following the halving, which slashed block rewards by 50%, some miners liquidated millions in crypto to finance business expenses. This trend may have slowed even as BTC remained below its $73,000 peak in March and continued a sideways or downward pattern since April.&nbsp;However, mining stocks took a <a href="https://crypto.news/bitcoin-mining-stocks-slumping-in-pre-market-trading/" target="_blank" rel="noreferrer noopener">beating</a> during the last dip. 
 You might also like: <a href="https://crypto.news/bitcoins-quick-dip-below-57k-forces-beginners-to-capitulate-cryptoquant-says/"> Bitcoin’s quick dip below $57k forces beginners to capitulate, CryptoQuant says </a> 
Spot BTC ETF flows have also stagnated, and trading volumes for BTC-backed products on Wall Street have mirrored price movements, as ETF expert James Seyffart noted.&nbsp; 
Meanwhile, authorities in Germany and the U.S. have sent thousands of <a href="https://crypto.news/?s=Bitcoin">Bitcoin</a> to exchanges in the last two weeks. At least one German lawmaker has criticized the government’s BTC sell-offs and argued that the crypto should be used as a reserve asset.&nbsp; 
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 German MP Joana Cotar slams government for selling BTC | Source: X
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In the U.S., officials <a href="https://crypto.news/u-s-moves-240m-silk-road-bitcoin-to-coinbase/" target="_blank" rel="noreferrer noopener">moved</a> $240 million of seized Silk Road BTC to Coinbase. Entities typically initiate these transfers to sell in open markets. Observers have also noted that the U.S. uses a platform the Securities and Exchange Commission sued for alleged federal violations. 
Bitcoin’s 2% slump on Friday was attributed partly to Mt. Gox repayments. As crypto.news <a href="https://crypto.news/bitcoin-price-plunges-below-55k-as-mt-gox-announces-repayments/" target="_blank" rel="noreferrer noopener">reported</a>, the defunct crypto exchange began user reimbursements 10 years after one of the largest BTC hacks to date. 
The total cryptocurrency market is on a widespread downswing led by Bitcoin’s decline over the past few months. Per IntoTheBlock, the digital asset industry lost 8% in 24 hours and dropped to $2 trillion, a five-month low. Still, cryptocurrencies have collectively surged 24% and 73% in six months and over the last year, respectively.&nbsp; 
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 Total crypto market cap data | Source: TradingView
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 Read more: <a href="https://crypto.news/more-than-10-years-since-the-collapse-of-mt-gox-users-confirm-reimbursements/"> More than 10 years since the collapse of Mt. Gox, users confirm reimbursements </a>

$1.2 billion worth of Bitcoin sent to exchanges in past week

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