VINANSIA.COM – Bitcoin (BTC) price has experienced a significant drop recently, influenced by various factors creating bearish pressure in the market.

The following is an in-depth analysis of the reasons behind Bitcoin's price decline:

1. Federal Reserve Interest Rate Decision

On July 31, Federal Reserve Chairman Jerome Powell announced that the benchmark interest rate would remain unchanged at 525-550 basis points, with a possible cut in September if inflation continues to decline.

This decision created uncertainty among investors, who tended to reduce exposure to riskier assets such as Bitcoin. As a result, the price of Bitcoin fell by 5% to around $63,400 on August 1.

This decline reflected a similar market reaction to previous interest rate decisions, where Bitcoin also experienced a decline following the announcement by the Federal Open Market Committee (FOMC).

2. Political Developments in the United States

Kamala Harris' increased chances of winning the US presidential election against the pro-crypto candidate, Donald Trump, also added pressure to Bitcoin's price. As of July 31, Harris had 48% support in key states, outperforming Trump who gained 47%. Harris' odds of victory also increased on betting platform Polymarket.

Investors are concerned that a Harris victory could bring stricter regulation of cryptocurrencies, negatively impacting the price of Bitcoin. This political uncertainty adds to the negative sentiment in the market.

3. Bitcoin transfer from Mt. Gox

On July 30, there was a massive transfer of 47,000 BTC (worth approximately $3.02 billion) from Mt. Gox to Kraken and Bitstamp crypto exchanges. This transfer was part of the process of distributing recovered funds to Mt. Gox's creditors. Gox's creditors.

Increased selling activity during this transfer period led to greater selling pressure, resulting in a decline in Bitcoin price. Data from analytics platform Glassnode shows that the net sales volume (Spot Cumulative Volume Delta) of Bitcoin on the Kraken exchange increased since July 27, with a peak on the day of the transfer.