3.3 C
New York
January 31, 2025
News Network

Bitcoin Holds $61K After a Brief Nosedive

  • 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 (BTC) 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.

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 (ETH) 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.

READ
Couple behind Bitfinex money laundering scheme reach plea deal with US prosecutors

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.

Edited by Parikshit Mishra.

Related posts

Cathie Wood very positive on Coinbase after Ripple court ruling

admin

Bitcoin Tops $67K as Cryptos Rally Amid Global IT Outage; Solana’s SOL Leads Altcoins

admin

Crypto Traders Remain Cautious About Downside Risks in Bitcoin, Ether; SOL Stands Out

admin