Some traders believe Germany’s Bitcoin (BTC) selling could be the cause of this week’s plunge, but a negative reaction to related macroeconomic data might be the cause.

The total crypto market cap lost 3.9% from June 20 to June 21, heading to its lowest level in five weeks at $2.34 trillion. This drop impacted all the top 10 coins, with Bitcoin losing 4.2%, Ether lost 4%, and BNB correcting by 4.2%. Despite some recovery of intraday losses, the market is still in a bearish mood.

Total crypto market capitalization, 12-hour, USD. Source: TradingView Germany Sell Pressure Compensated By MicroStrategy’s BTC Purchase

Some of the analysts said a large sale of Bitcoin by the German government caused the crypto market to drop. Nonetheless, the explanation overlooks the fact that traditional finance investors reacted to unfavorable macroeconomic data. Traders are worried that the stock market might have peaked and that the United

Keep reading this article on E-cryptonews.com.

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