Marathon CEO Fred Thiel Reveals Key Factors Behind Bitcoin’s Recent Decline

Fred Thiel, CEO of Marathon Digital Holdings (MARA), highlighted the need to diversify risks associated with Bitcoin’s volatility. He pointed out several factors that have pressured Bitcoin’s price. Significant BTC sales by miners, the transfer of cryptocurrency by German authorities to exchanges Bitstamp and Kraken, and the upcoming payouts to creditors of the bankrupt Mt. Gox exchange in July 2024 are the primary reasons. Additionally, the demand for risky assets, including Bitcoin, has decreased as investors prefer meme coins, which have shown high returns in recent months, according to Bits.media.

Thiel also believes the upcoming US presidential elections in November could significantly impact the cryptocurrency market. He hopes Congress will increase support for progressive legislation to regulate digital asset mining.