Bitcoin fell below $64,000 for the first time in more than a month. The largest cryptocurrency, which pushed the $70,000 limit last week with the Fed decision and the release of inflation data, has been in a gradual decline in recent days.

Bad surprise from the German government

The German government seems to be behind the downward trend in Bitcoin, which has been dropping almost $1000 every day this week! The Germans, who started the sale of 50 thousand Bitcoins seized from the pirate movie site Movie2k in 2020, disposed of approximately $200 million worth of BTC. This pulled the already declining market back even further. Selling more than 3 thousand BTC, it is not known how long the Germans will continue these sales.

ETF outflows also continue

On the other hand, outflows in spot Bitcoin ETFs in the US continue. ETFs, which saw net sales of 140 million dollars yesterday, have experienced a net outflow of 1 billion dollars in the last 8 trading days.

The Fed’s continued high interest rates and the fact that this situation is expected to continue for a while made the US dollar valuable against many emerging market currencies. As a result, risky assets also experienced various declines. Today, the Japanese yen, which plays an important role in world trade, also hit a 34-year low against the US dollar.

It is noteworthy that a group of large companies provide the various increases in indices such as the S&P 500 and Nasdaq in the US. It is seen that many companies outside of these large companies in the indices are also keeping pace with the declines.

All these factors led to a meltdown in Bitcoin and altcoins.

Ether ETFs can add vitality

The beginning of July could be a month of revival for cryptocurrencies and especially altcoins. Ether spot ETFs, which are certain to open for trading in the US in the first days of July, will allow a certain liquidity to enter the cryptocurrency markets.

Bitcoin is trading at around $ 64,100 at the time of writing.