Bitcoin Prices Drop Below $61,000: German Government Sales and Market Uncertainty Contribute to Decline

Vancouver or New York or Toronto, British Columbia or New York or Ontario Canada
Bitcoin price dropped below $61,000 and reached a new June low of $60,723
Ethereum, Cardano, Solana, XRP and meme coins experienced losses of up to 7.5%
German government sold around 3k BTC from seized funds and plans to sell an additional 47k BTC
Over $150 million in long bitcoin liquidations across centralized exchanges
Some investors see opportunities for expansion in the crypto space within artificial intelligence infrastructure
Two consecutive weeks of outflows from crypto investment products totaling over $1.2 billion
U.S.-listed bitcoin ETFs recorded over $1 billion in net outflows last week
Bitcoin Prices Drop Below $61,000: German Government Sales and Market Uncertainty Contribute to Decline

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.


Article Image
Article Image
Article Image
Article Image
Article Image
Article Image

Confidence

96%

Doubts
  • Are there any other factors contributing to the crypto market downturn?
  • Is the German government's sale of BTC the sole reason for the price drop?

Sources

96%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Bitcoin tumbles back to $60,000 to start the week

CNBC News Tanaya Macheel Monday, 24 June 2024 12:36
  • Unique Points
    • Crypto investment products experienced two consecutive weeks of outflows, with $1.2 billion of outflows from crypto ETFs over the last two weeks.
    • Bitcoin saw a jump in long liquidations, forcing traders to sell their assets at market price to settle debts. In the past 24 hours, $97.83 million in long bitcoin liquidations occurred across centralized exchanges.
  • Accuracy
    • Bitcoin descended to $60,724.45 on Monday, a 5% drop.
    • The price of Bitcoin has fallen more than 8% in the past week and about 17% from its March record.
    • Bitcoin is down nearly 10% for the month, having touched $71,000 at the start of June but steadily declining since.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

79%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Bitcoin Investors Hit By 'Summer Blues,' Analyst Says; Miners Tapped For AI Expansion

Investors.com Investor's Business Monday, 24 June 2024 14:54
  • Unique Points
    • One investment firm tapped Hut 8 Mining (HUT) to help build an artificial intelligence infrastructure.
    • Hut 8 received a $150 million investment from Coatue Management to help with AI computing.
  • Accuracy
    • ]Bitcoin on Monday traded around $61,000 and fell more than 5% over the last 24 hours.[
    • Bitcoin descended to $60,724.45 on Monday, a 5% drop.
    • Bitcoin lost 3% during this period.
  • Deception (30%)
    The article contains selective reporting as it only reports details that support the author's position about the crypto market being in a fragile state and investors closely watching for signs of stabilization. The author also uses emotional manipulation by stating 'summer blues for investors' and 'crypto markets appear to be in a more fragile state than just a few months ago'. Additionally, there is sensationalism with phrases like 'bitcoin failed to rise off its latest June low' and 'crypto assets remain under pressure'.
    • Crypto assets remain under pressure as we get going in the new week.
    • It's summer blues for investors, as crypto market prices tumble and it seems like there is no relief in the near term, and no immediate catalyst to propel prices back upward.
    • Overall, the crypto markets appear to be in a more fragile state than just a few months ago.
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

98%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Bitcoin Tumbles Toward $62K as Crypto Bulls See $150M in Liquidation

CoinDesk Shaurya Malwa Monday, 24 June 2024 06:52
  • Unique Points
    • The German government sold around 3k BTC from seized funds and plans to sell an additional 47k BTC.
    • U.S.-listed bitcoin ETFs recorded over $1 billion in net outflows last week.
  • Accuracy
    • Bitcoin lost 3% during this period.
    • Bitcoin descended to $60,724.45 on Monday, a 5% drop.
    • Cryptocurrencies broadly tumbled with Bitcoin: Ether lost nearly 6%, Solana’s token fell 4%, XRP slipped more than 1%, and Dogecoin dropped 5%.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication