Ramazan Eles 
Bitcoin’s price has been on a downward trend since its March all-time high (ATH), and the recent drop has reached a new level of concern. Last week, the price fell to $58,500 before recovering and climbing back above $63,000. However, the situation today appears to be much worse. More importantly, the decline has caused the overall market to lose more than $130 billion, dropping it from $2.18 trillion to $2.05 trillion. Bitcoin is currently struggling to hold above $58,000. During this period, the value of cryptocurrencies other than BTC has also dropped by over $60 billion in total.
Why is Bitcoin Dropping?
It is clear that the cryptocurrency market is experiencing a period of increased uncertainty. While some altcoins reached their ATHs during the meme coin-driven rally in March, many others remained stagnant, supporting this observation.
Following its ATH in March, Bitcoin was expected to reach new highs after the halving event. However, the situation changed, and it traded sideways around $67,000 for an extended period. This meant it was moving further away from its March ATH of over $73,000.
Several factors are thought to be contributing to the price decline in the market, putting pressure on prices. For example, the 90% drop in Solana (SOL) stablecoin volume in the daily view and the association of its name with a potential lawsuit seem to have overshadowed even ETF-related applications.
On the other hand, the actions of the German and US governments in sending their acquired BTC to exchanges are creating significant uncertainty.
More importantly, a major announcement by Mt. Gox, one of the largest exchanges in the past, stating that repayments to creditors would begin in early July has caused great fear in the market. The estimated value of the repayment is around $9 billion.
In addition to all of this, the uncertain nature of the US economy continues to put pressure on BTC, and the price fell below this level and retreated to its current level after the latest FED interest rate decision.
How Much is Bitcoin?
As of the time of writing, the Bitcoin price is still finding buyers at $58,000. This BTC price comes after a drop of approximately 3.81% in the last 24 hours.
The decline has reduced the market capitalization to $1.146 trillion, while trading volume has increased by 47% to $40 billion amidst the ongoing selling pressure in the market.