Bitcoin experienced a significant drop after the ATH in March. Last week, the price fell to $58,500, then recovered to over $63,000. Today, the situation looks much worse. More importantly, the drop caused the overall market to lose over $130 billion, falling from $2.18 trillion to $2.05 trillion. Bitcoin is trying to hold onto the $58,000 level at the time of writing. During this period, the value of cryptocurrencies other than BTC also dropped by over $60 billion.
Why Is the Market Dropping?
It is very clear that we are going through a period of increased uncertainty in cryptocurrencies. During the meme coin-based rise in March, some altcoins reached their ATHs, while many altcoins moved sideways, supporting this situation.
Bitcoin, which reached its ATH in March, was expected to reach new peaks after the halving, but things changed, and it traded at $67,000 for a long time, meaning it was moving away from the ATH of over $73,000 seen in March.
Many events are thought to support the price drop in the market, creating pressure on prices. For example, in the case of Solana (SOL), the daily stablecoin volume dropped by 90%, and its name was mentioned in a possible lawsuit, overshadowing even ETF-related applications.
On the other hand, the fact that the German and US governments are sending BTC obtained in different ways to exchanges creates great uncertainty.
More importantly, Mt. Gox, one of the largest exchanges of the past, announced that repayments to creditors would start at the beginning of July, causing great fear in the market. The repayment is expected to be worth approximately $9 billion.
In addition to all this, the uncertain structure of the US economy continues to put pressure on BTC, and after the last FED interest rate decision, the price lost this level and fell to its current level.
What Is Bitcoin’s Current Price?
Bitcoin’s price today, at the time of writing, continues to find buyers at the $58,000 level. This price for BTC occurred after a drop of approximately 3.81% in the last 24 hours.
The drop reduced the market cap to $1.146 trillion, while the trading volume, amid the selling pressure in the market, increased by 47% to around $40 billion.
