Kaiko: Ukraine, the US, the UK and China will collapse the bitcoin rate

According to Kaiko experts, the authorities of four countries — the United States, China, the United Kingdom, and Ukraine — may conduct massive sales of their bitcoin stocks in September BTC $65,721.46 Bitcoin -0.11% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion . In turn, this could lead to a significant drop in the rate of the first cryptocurrency. According to analysts, as a result, the price of bitcoin may approach $ 53,000.

According to data provided by Kaiko, the above-mentioned countries have significant bitcoin reserves. Thus, the United States owns 203,220 BTC, China — 190,000 BTC, the United Kingdom — 61,200 BTC, and Ukraine — 46,350 BTC. These volumes are a potential source of serious pressure on the market, which could lead to a drop in quotes in the coming month.

An additional factor that may contribute to the price decline is possible sales by creditors of the bankrupt MtGox exchange, who also hold significant amounts of bitcoin. Kaiko analysts Adam Morgan McCarthy and Desislava Obert note that the combination of fear of large sell orders and reduced liquidity in the market may further exacerbate cryptocurrency fluctuations.

It is worth noting that amid the negative expectations of crypto experts and the digital asset market as a whole, bitcoin has already lost 8% of its value since the beginning of August, despite the positive performance of spot bitcoin ETFs, while global stock and bond indices have risen by 2%.