Cryptocurrencies have been suffering lately, with Bitcoin (CRYPTO: BTC) briefly falling below $60,000 on Jun 24. Although Bitcoin pared some of the losses and was trading just above $61,000, it has declined sharply from its all-time high of $73,750.07 attained on Mar 14. The cryptocurrency is down 6% in the last seven days amid major selling pressure from continued ETF outflow owing to the upcoming Mt. Gox bankruptcy redemptions. However, several other factors have been weighing on Bitcoin, which had a solid 2023 and first quarter. The Bitcoin rally gathered pace in January after the Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded funds (ETFs) in a game-changing move with the aim of allowing both retail and institutional investors a regulated and accessible way to invest in the cryptocurrency. The rally paused in April with the Bitcoin halving event, which occurs every four years and cuts the block reward by 50%, aiming to limit the total supply of Bitcoin to 21 million coins. This reduction in the rate of new Bitcoin supply typically increases demand for cryptocurrencies, often causing ...