Bitcoin Maintains $61K Price Level Following Temporary Drop
Bitcoin’s price has remained steady above $61,000 after briefly dropping to $59,200 at the start of the Asian trading day. The cryptocurrency has experienced a 2% decline in the past 24 hours and a 6% decrease over the last week, according to CoinDesk Indices data.
The CoinDesk Indices Bitcoin Trend Indicator indicates a notable downward trend, while the CoinDesk 20, which measures the largest digital assets, has remained stable. Ether (ETH) has not faced the same level of pricing pressure as Bitcoin.
The Ether staking protocol Lido (LDO) has continued to outperform the market, showing a 14% increase in daily performance and a 25% rise over the past week. Traders have been particularly impressed with its fees, revenue, and total value locked.
Recent days have seen significant selling pressure on Bitcoin due to impending Mt. Gox bankruptcy redemptions and miner sell-offs. Market data reveals that Bitcoin ETFs experienced an outflow of $174 million as trading concluded in New York on Monday, following nearly $1 billion in outflows the previous week.
Polymarket predictions suggest a 14% likelihood of Bitcoin rebounding to $65,000 by the week’s end, while there is a 71% chance that an Ether ETF will commence trading by July 4.
Edited by Parikshit Mishra.
Read more about Bitcoin, Market, and Ether.
