As you all know, the price of bitcoin was stable before June. But you can see that after the G-7 Summit, there was a sudden decline in Bitcoin and remaining crypto currency(G-7 : Canada France Italy U.S Germany UK Japan). The G-7 meeting took place in Canada between June 6 to June 9. There was o lot of discussion about the crypto currency in the meeting of G-7, but it was not shown in front of the world.
G-7
The countries that are inside it are the world's most powerful and industrial democracy countries. These countries, together, talks on some urgent economy issues, crossing the market cap of Bitcoin by 825 billion dollars was an important issue. Because Bitcoin is now impacting the global economy, G-7 was worried about the rising price of Bitcoin because it went up significantly from its SDR (Special Drawing Rights) value. Now these countries wants to bring Bitcoin's market cap according to its SDR value which is around around $ 290 billion.
Central Bank
The central bank's job is to save the monetary reserve for his country, such as old and foreign exchange reserve.
If the economies of these countries are bad in the future, then the reserve can be used.
Now the central bank of these countries is seeing crypto currency as a reserve.
It is difficult for them to buy Bitcoin at what rate. Therefore, too much manipulation of Bitcoin is being done by them. They want to buy Bitcoin at its mining cost, so it is difficult to get down to Bitcoin at $ 5000.
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