Bitcoin continues its downward movement that started last week as of Monday morning. The largest cryptocurrency also saw below $62,500 in the morning hours. While the value of all cryptocurrencies globally has fallen below $2.5 trillion, the figure for Bitcoin is around $1.2 trillion.

Miner sales may be the main factor

As it is known, it was seen that large Bitcoin mining companies, whose earnings almost halved after the halving, made serious sales in June. Miners, who sold more than 30 thousand BTC as of the current month alone, had also achieved the fastest sales of the last year. Miners currently hold the least amount of BTC in the last 14 years.

Will a recession come?

The Fed’s tendency to keep interest rates as high as it can, the continuous extension of the period and the decline in market expectations also seem to be one of the reasons behind the decline of risky asset classes. For the market, which started 2024 with forecasts of 6 to 8 interest rate cuts, this figure is currently at most 2. The Fed is not expected to cut interest rates in July either. On the other hand, high interest rates cause many private sector companies in the US to be in a difficult situation. The withdrawal of liquidity from the market and the prolongation of the process have further increased fears of recession…

Altcoins also collapsed

Bitcoin’s recent sharp ups and downs have also devastated altcoins. The TOTAL3 index, which excludes Bitcoin, Ethereum and stablecoins, has fallen below $600 billion. It is seen that many altcoins have regressed to 2019-2020 levels. It is also obvious that most of the altcoins that increased in the 2023-2024 period have almost completely erased these gains…

At the time of writing, Bitcoin is trading around $62,500.