BTC’s Price Dips 2.8%: Here’s What to Know
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As Bitcoin’s (BTC) price nears $66,500, bulls were looking for further uptrend to ease the stress after the steady decline of the past 24 hours. However, the anticipation was short-lived as liquidity pressure erased the price recovery move as Bitcoin fell to another drop beyond the $66,000 level.
Bitcoin Market Volatility and Whale Activity
According to on-chain data, the Bitcoin to US Dollar exchange rate touched $66,455 on Bitstamp before the start of the Wall Street trading hours before experiencing a sudden reversal and dropping in price by $2,000. The popular trading platform Material Indicators argued that whale activity was the cause of this abrupt change.
Furthermore, Material Indicators further stated that whales were tricking bids to manipulate the order book, contributing to the unstable market. The platform claimed that a big buy wall at $60,000 was removed immediately after the daily opening, and another buy wall at $66,000 disappeared after only forty-five minutes. According to CoinGlass, a crypto price monitoring platform, a new liquidity focal point has been confirmed to be around $64,250.
Government’s Bitcoin Movement
Another noteworthy incident that stirred debate was the movement of Bitcoin, which the German government had confiscated. Hence, a well-known trader (Daan Crypto Trades) opined that such actions could indicate a local bottom, a pattern observed in the past.
He pointed out that throughout history, sell-offs due to the movement of crypto holdings held by the government have frequently signified local bottoms. Moreover, the contradictory signals from the most recent macroeconomic data from the United States increased the market’s complexity.
Claims for unemployment benefits for the week that ended on June 15 totaled 238,000, which was in line with predictions and a decrease of 5,000 from the previous week. Tedtalksmacro, a financial pundit, spotlighted the correlation between Bitcoin’s price actions and the liquidity circumstances of the Federal Reserve.
He also mentioned that job vacancies are at new lows, comparable to those witnessed during the COVID-19 and the Global Financial Crisis. Thus, he indicated that the business and liquidity cycles are at their lowest.
Profitable Cryptocurrencies
Despite the market’s dismal performance, investors continue to make huge profits, notably in large-cap tokens and meme coins. Data from IntoTheBlock showed that 89.11% of Bitcoin (BTC) holders are now profitable, highlighting the cryptocurrency’s dominant position in the market.
Ethereum (ETH) comes second, with 83.19% of holders making a profit. This is backed by the possibility that the US Securities and Exchange Commission’s (SEC) authorization to issue spot Ether exchange-traded funds (ETFs) for institutional investors.
Meme coins have also demonstrated exceptional performance, with Pepe (PEPE) and Floki (FLOKI) leading the pack: 76.85% and 80.57% of their holders in profit. Dogecoin (DOGE) and Jasmycoin’s (JASMY) performances have also been exceptional, with 74.99% and 72.18% of holders profiting from their investments.
Tron (TRX) has a profitability rate of 82.07%, Ondo (ONDO) has a profitability rate of 75.61%, Maker (MKR) has a profitability rate of 75.45%, while Bitcoin Cash (BCH) has a profitability rate of 72.54%.
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