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Bitcoin Holds $61K After a Brief Nosedive
Bitcoin briefly touched $59K in the early hours of the Asian+ trading day.
Updated Jun 25, 2024, 5:58 a.m. Published Jun 25, 2024, 5:55 a.m.
- Bitcoin is trading above $61K after plunging to $59K as Asia began its trading day
- Bitcoin has seen significant selling pressure from continued ETF outflow, Mt. Gox's upcoming bankruptcy redemptions, and miner sales.
Bitcoin is stable above $61,000 after dropping to $59,200 during the early hours of the Asian trading day.
The world's largest digital asset is down 2% in the last 24 hours and 6% in the last 7 days, according to CoinDesk Indices data.
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CoinDesk Indices Bitcoin Trend Indicator is showing a significant downtrend, while the CoinDesk 20, a measure of the largest digital assets, is flat as ether has not seen the same significant pricing pressure at BTC.
Ether staking protocol Lido (LDO) continues to outperform the market up 14% on-day and 25% in the last week as traders continue to be impressed with its fees, revenue, and total value locked.
In the last few days, bitcoin has been experiencing significant sell pressure due to the coming Mt. Gox bankruptcy redemptions and sales by miners.
Market data shows that the bitcoin ETFs saw an outflow of $174 million as trading closed in New York on Monday afternoon. The ETFs finished last week with a nearly $1 billion outflow.
Polymarket bettors are giving a 14% chance of bitcoin rebounding to $65K by the end of the week, while they are giving a 71% chance that the ether ETF will begin trading by July 4.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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