What caused the 'Bitcoin' price to fall 19% in June?
3) Altcoin continues to decline despite strong fundamentals.
After BTC fell 19% last month, many altcoins fell significantly, causing some altcoin prices to fall 50 – 70% from their peak. It is still found to be strong, especially the Ethereum Group, which is preparing to sell Ethereum spot ETFs in July, and the Retaking Group, whose total locked-in value continues to increase. Although the price of coins in this group has fallen more than 50% from their peak, this shows investor confidence.
Chief Business Development and Commercial Officer of Merkel Capital Company Limited Mr. Mind you, the launch of ETH ETFs this July is considered one worth watching. Because it is considered another door in the crypto world opened after the BTC spot ETF and could be the starting point to push other blockchain currencies to be easily accessible. This is another way to invest in digital assets worth watching.
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Last June, the price of BTC fell by 19% and the overall crypto market is under significant short-term pressure. In the long run, fundamentals remain strong due to Mt.Gox's announcement of a $9 billion debt settlement, especially in July preparations by US financial institutions led by Blackrock and Fidelity to sell Ethereum spot ETFs.
Merkle Capital Co., Ltd. Investment Advisor of Mr. Voramed Sanchen revealed that Merkle Capital is looking at Bitcoin, Ethereum and the crypto market as a whole. There is a tendency to grow higher, especially for some Altcoins like ETH Restaking whose fundamentals will remain strong in the medium to long term. But there are other factors that press in the short term for the following reasons:
1) Selling pressure arising from Mt.Gox's debt repayment preparations.
An important factor shaping the overall picture of the crypto market has been under pressure for the past month as Mt.Gox prepares to repay more than $9 billion in debt with a debt repayment ratio of 62.5%, a very high figure. This factor puts even more pressure on the crypto market as a whole. Both short and medium term
2) MVRV indicates declining investor profitability across the crypto market.
When considering the MVRV, a comparison between the market value used to analyze the average cost and profit of investors across the market, the price of BTC has currently risen to $30,600 and the price shows investor confidence that due to market pressure, the MVRV has dropped significantly to the 2.01 region. This indicates weakness for BTC in the short term, considering the historical record, MVRV of 2.01 is a medium to long term opportunity for Bitcoin as it is in the lower range.
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