Bitcoin (BTC) has been ranging from $30,400 to 36,400 for the last 12 days, and it has been difficult to pinpoint the exact reason for investors’ lack of appetite. Some analysts have pointed to the Grayscale Bitcoin Trust (GBTC) unlocking in mid-July finally giving institutional investors a chance to offload their funds, but this is not likely to be the main reason.
Meanwhile, industry leaders have suggested that the “crypto regulatory crackdown” taking shape in the United States is severely impacting investors’ sentiment, and this view is especially problematic considering China has recently banned all crypto mining activity in the country.