Bitcoin experienced a significant decline in the past 24 hours, with its price dropping below the $61,000 mark and reaching a new June low of $60,723. This follows two consecutive weeks of outflows from crypto investment products totaling over $1.2 billion.
The German government's sale of around 3k BTC from seized funds and plans to sell an additional 47k BTC has added to the market uncertainty and contributed to the decline in Bitcoin's price. This news, along with large sales from miners, led to over $150 million in long bitcoin liquidations across centralized exchanges.
The broader cryptocurrency market also saw declines, with Ethereum, Cardano, Solana, XRP, and meme coins such as dogecoin and shiba inu experiencing losses of up to 7.5%. U.S.-listed bitcoin ETFs recorded over $1 billion in net outflows last week.
Despite the market downturn, some investors are seeing opportunities for expansion in the crypto space, particularly within artificial intelligence (AI) infrastructure. Hut 8 Mining received a $150 million investment from Coatue Management to help build an AI computing infrastructure using Bitcoin miners and Nvidia GPUs.
The market sentiment remains uncertain, with some analysts predicting a potential drop to the $40,000 level while others believe in bullish consolidation around the $60,000 support area. It is important for investors to stay informed of market developments and be prepared for potential volatility.
