Experts Cite Impact of Government and Mt. Gox Sell-Offs on Bitcoin Downtrend
CryptoNewsTerminal Staff04 Jul, 2024
Experts Cite Impact of Government and Mt. Gox Sell-Offs on Bitcoin Downtrend
Bloomberg conducted an analysis on the reasons for Bitcoin's bearish trend, citing insights from several experts. Richard Galvin, co-founder of hedge fund Digital Asset Capital Management, attributed the decline to concerns over the potential for a less crypto-friendly Democratic presidential nominee to succeed Biden, as well as the more immediate downward pressure from the Mt. Gox overhang (potential sell-off) and selling by the US and German governments. Meanwhile, Noelle Acheson, author of the Crypto is Macro Now newsletter, noted that "BTC continues to face selling pressure from miners.
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