BTCUSD Plummets to $62k Amid Uncertainty
The price of BTCUSD has dropped to around $62,934, down by about 2.8% in the past 24 hours. This comes as liquidity is slowing down and uncertainty is increasing for short-term traders.
August often shows seasonal weakness in some past Bitcoin cycles, but it's worth noting that BTC sits well above historical cycle averages.
According to Coinpedia, a surge in small Bitcoin transfers under 1 BTC has been observed. This is likely due to the recent Coldcard hack, which led to a record-breaking 39,600 BTC moved in one day, the largest daily volume for small transfers since November 2022 for BTCUSD spot CFD traders.
In related news, Trump Media has sold off another 2,628 BTC. This brings their total sales to 7,281 BTC, with a reported value of around $165 million. The firm still has approximately 4,261 BTC pledged as collateral and has reportedly incurred significant realized and unrealized Bitcoin losses.