Update 07/06 below. This post was originally published on July 4th
bitcoin
bitcoin
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The price of Bitcoin has lost around 25% in the last month, with a combination of Bitcoin, Ethereum, XRP
XRP
Now, after one legendary tech billionaire said he thinks bitcoin could replace the US dollar, collapsed bitcoin exchange Mt. Gox has set in motion what could be Bitcoin’s tidal wave.
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Cryptocurrency traders are braced for another price shock in bitcoin, ethereum, XRP and solan.
“On July 5, 2024 [Mt. Gox] the rehab trustee made payments in bitcoin and bitcoin cash to some of the rehab lenders through a portion of designated cryptocurrency exchanges, etc., in accordance with the rehabilitation plan,” said the letter to “whom it may concern,” which was sent to Mt. Gox website.
Shortly after publication, the document was unavailable, but it was not immediately clear why.
Previously, Bitcoin and cryptanalysts with Arkham
Arkham
“If an additional 200,000 bitcoins – worth more than $10 billion – hit the markets in a short period of time, supply will likely exceed demand and we could see the price of bitcoin fall further,” Neil Roarty, an analyst at investment platform Stocklytics. , he said in emailed comments.
In late June, Mt.Gox administrators announced that the exchange, which collapsed 10 years ago, would begin distributing nearly $10 billion worth of funds in bitcoin, bitcoin cash and fiat currency to its creditors in early July.
Update 07/06: Bitcoin’s price slide has bottomed out, with the broader crypto market rebounding slightly after a sharp sell-off this week.
However, traders and analysts are still worried that a fall in the price of bitcoin could send ethereum, XRP, solan and other major cryptocurrencies down.
The widely followed Crypto Fear & Greed Index, created by data server Alternative.me, fell to its lowest level since January 2023, just after the price of Bitcoin fell to just $17,000 in the wake of the implosion of the FTX crypto exchange. now teetering on the edge of “extreme fear.”
“Crypto market capitalization fell back below $2 trillion, accelerating its decline and losing more than 8%, while many altcoins suffered double-digit losses in the past 24 hours,” Alex Kuptsikevich, chief market analyst at FxPro, said in emailed comments. called the fall in the price of bitcoin “scary”.
“Bitcoin’s 200-day moving average did not act as a support and we saw an acceleration of the sell-off after a break below this level,” wrote Kuptsikevich, adding that the situation with the price of ethereum “looks like a pause before a new downward impulse that may take the price back to $2,300.”
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The price of Bitcoin has fallen from a recent high of over $70,000 per Bitcoin and is now looking at … [+]
“Bitcoin’s direction in the coming days will be determined by selling pressure from Mt. Gox users,” Rachel Lin, CEO of decentralized exchange SynFutures, said in emailed comments.
“The market expects most Mt. Gox users to dump their tokens, but we could see a bounce back if sales are lower than expected. On the other hand, if there is enough selling to push the price lower, we could be looking at Soon at $50,000.”
Lin warned that the “crucial levels” for bitcoin and ethereum were $60,000 and $3,350, both of which have now been “definitely” broken.
“As expected, the fall in bitcoin dragged down all other assets,” Lin said. “Ethereum
Ethereum