Why Has Bitcoin (BTC) Price Dropped Below $60k?
Bitcoin (BTC) prices fell more than 4 percent on Wednesday to hit a daily low of $59,712 in the early session in New York. The crypto's 3.3 percent fall to around $2.34 trillion led to more than $140 million in forced long liquidity.
As the altcoin industry has experienced massive losses over the past 24 hours, many investors have dumped the stable coin market. According to the latest crypto oracles data, the total stablecoin market, currently valued at $160 billion, averaged more than $52 billion in daily trading volume.
By comparison, Bitcoin and Ethereum had a combined average daily trading volume of about $38 billion.
The main reasons Bitcoin price slipped below $60k.
Upcoming high impact news
Later today, the United States Department of Labor will release unemployment claims, which is an indicator of the health of the economy. Additionally, the US Federal Reserve will release the minutes of the FOMC meeting, which will shed much-needed light on the economic outlook.
In particular, the Fed is expected to remain dovish and start raising interest rates ahead of the US general election.
Poor performance of spot BTC ETFs
US spot Bitcoin ETFs have seen significant changes in cash flow in the recent past. After five days of positive inflows, U.S. spot Bitcoin ETFs recorded total inflows of nearly $14 million on Tuesday.
Amidst the upcoming Mt.Gox distribution, falling demand for spot Bitcoin ETFs and higher sales from the German government weighed on bullish sentiment.
List of protected spot Ethereum ETFs
The spot Ethereum ETFs listing is predicted to happen tomorrow, putting the altcoin market in heightened focus. Already, Bitcoin's dominance is creating a macro reversal pattern, which will accelerate the ongoing shift of crypto cash into the altcoin industry.
