Bitcoin is in trouble.
After rocketing to $73,802, it’s now back down to $60,487.47 and could slip even more.
According to Peter Brandt, the founder of Factor Trading, as noted by Business Insider, he expects Bitcoin to drop back into the mid-$30,000 range, or about 50% lower. In addition, there’s been a significant amount of fund outflows.
In fact, according to Investing.com, “Data from digital assets manager CoinShares showed on Monday that crypto investment products saw a third straight week of capital outflows- $345 million, their biggest since March. Bitcoin net outflows in particular surged to $423 million, amid waning hype over the spot U.S. ETFs launched earlier this year.”
With that, mining stocks like Marathon Digital (MARA) are dropping. MicroStrategy (MSTR), which owns 214,000 Bitcoin, dropped from a recent high of about $2,000 to a recent low of $1,071.13 since the end of March.
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