Bitcoin fell again below the $60,000 mark on July 3 – DiarioBitcoin

Despite a partial recovery, the digital currency was below the $60,000 mark for two hours. Due to certain events, the price of Bitcoin faces downward pressure in major markets.

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• Bitcoin fell again below the USD $60,000 mark
• The possible refusal of the FED to lower rates generated reactions
• There is also uncertainty over the Mt. Gox compensation process.
• There were significant sales between 2:00 and 4:00 p.m.
• Major altcoins have also been affected

Despite facing a bearish day for this July 3, the price of Bitcoin It faltered and lost the USD $60,000 mark a few hours ago, this amid a rebound in trading volumes that indicate significant selling pressure.

As can be seen in the data published in our section CryptoMarketsalthough the evolution of the main digital currency has not been exactly positive, what happened a couple of hours ago stands out, when the price of Bitcoin It fell below the aforementioned mark, reaching a minimum point of USD $59,454 per unit, from which it partially recovered to reach USD $60,193, which is what it is trading at at the time of publication.

Hand in hand with the drop seen over the last 24 hours, we have that the volume of commercial operations registered through the main exchanges increased by more than 47.5% throughout the day, so more than USD $29,758 million have been moved in purchase/sale transactions, especially at the moments in which Bitcoin lost the USD $60,000 mark.

Bearish pressure

As we indicated in another edition, the price performance of Bitcoin coincides with reports related to the US Federal Reserve (FED), The chairman of the Fed, Jerome Powell, indicated that the long-awaited reduction in interest rates might not come to fruition at the next meeting. He argued that although inflation is slowing, strong evidence is still needed to consider changing the measures that have been maintained until now.

On the other hand we have the situation of Mt. Gox, The exchange that declared bankruptcy after a hack of its systems years ago, which will officially begin its compensation process that involves the distribution of some 141,000 bitcoins among those affected. This implies an increase in the liquidity present in the main exchanges due to possible sales by those affected, which would be generating downward pressure on the price in view of the associated expectations.

Another element that adds to the downward pressure has to do with the possible withdrawal of Joe Biden for reelection in the US. Reports published today indicate that the president could cease his efforts after the debate in which he participated with candidate Donald Trump last Thursday, so the Democratic Party could be considering another representative for the presidential race.

Although Biden’s administration has not been characterized as being the most friendly to the crypto sector, the community of users and enthusiasts is paying close attention to the displays of support that Trump has been giving throughout his campaign. After the debate, the Republican representative was much better positioned in public opinion than his opponent from the Democratic Party, so a new candidate could shake up this panorama.

Major altcoins also saw declines

Coming back to the crypto market, Bitcoin was not the only one affected throughout the day.

At the time of publication, coins such as ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIB, BCH, NEAR, LINK and many others capitalized on falls of between 2% and 9% in the last few hours, being especially pronounced between 2:00 p.m. and 4:30 p.m. (New York time).

Article by Angel Di Matteo / Bitcoin Diary

Picture of Unsplash

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