TechFlow reported that QCP Capital stated in its official channel that the market has sharply reversed the positive momentum for the crypto market brought by Trump this week, with BTC price dropping from a high of 70,000 after his speech to nearly 60,000 this morning. Contributing factors include selling pressure from the U.S. government (approximately 28,000 BTC), Mt. Gox (33,960 BTC), and Genesis (worth $1.5 billion in BTC and ETH); Bitcoin mining difficulty reaching a record high; and rising concerns about an economic recession. According to options market data, price volatility is expected to stabilize over the summer.
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