Bitcoin’s fall to around $53.000, which is the lowest since March 16, is now moving around $54.000, as recorded yesterday, and has fallen 5.8% over the last 24 hours.
The drop of Bitcoin below $55.000 comes as crypto fund flows have declined roughly by 58% to $99 million last week.
CEO of South Korea’s firm CryptoQuant, Kim Young Ju said that blockchain data show that there is “not enough buying power from stablecoins and U.S. dollar spot inflows”, in order to drive the prices higher.
He also stated that it might take some time until we see a huge increase in bitcoin’s price.
