07/06 update below. This post was originally published on July 4
Bitcoin
Bitcoin
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The price of bitcoin has lost about 25% over the last month, with bitcoin, ethereum, XRP combined
XRP
Now, after a legendary tech billionaire said he thinks bitcoin could replace the US dollar, collapsed bitcoin exchange Mt. Gox is starting to ride what could be a bitcoin tidal wave.
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Crypto traders are braced for another hit in the price of bitcoin, ethereum, XRP and solana.
“On July 5, 2024, [Mt. Gox] the rehabilitation administrator made payments in bitcoin and bitcoin cash to some of the rehabilitation creditors through some of the designated cryptocurrency exchanges etc. in accordance with the rehabilitation plan,” said a letter to “whom it may concern” that was posted on the Mt. Gox website.
Shortly after posting, the document was unavailable, but it was not immediately clear why.
Formerly bitcoin and crypto analyst with Arkham
Arkham
“If an additional 200,000 bitcoins – worth more than $10 billion – hit the markets in a short space of time, supply will likely exceed demand and we could see the price of bitcoin fall even further further,” Neil Roarty, analyst at investment platform Stocklytics. , said the emailed comments.
In late June, administrators of Mt. Gox announced that the exchange, which collapsed 10 years ago, would begin distributing funds worth almost $10 billion in bitcoin, bitcoin cash and fiat currency to its creditors in early July.
07/06 Update: Bitcoin’s price decline has found a floor, with the broader crypto market recovering slightly after its big selloff this week.
However, traders and analysts remain fearful that a fall in the price of bitcoin could drive ethereum, XRP, solana and other major cryptocurrencies lower.
The widely circulated Crypto Fear & Greed index, created by data site Alternative.me, has fallen to its lowest level since January 2023, shortly after the price of bitcoin had fallen to just $17,000 in the wake of the exchange’s explosion. crypto FTX, and is now on the brink of “extreme fear”.
“The crypto market cap has fallen back below $2 trillion, accelerating its decline and losing over 8%, while many altcoins have suffered double-digit losses within the past 24 hours,” said Alex Kuptsikevich, senior market analyst at FxPro, in emailed comments, called the crash in the price of bitcoin “terrible.”
“Bitcoin’s 200-day moving average failed to act as support, and we saw an acceleration of selling after a break below this line,” Kuptsikevich wrote, adding that the ethereum price situation “looks like a pause before a new impulse in decline that could bring the price back to $2,300.”
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The price of bitcoin has dropped from its recent level of over $70,000 per bitcoin and now looks … [+]
“Bitcoin’s direction in the coming days will be determined by selling pressure from Mt. Gox users,” Rachel Lin, chief executive of decentralized exchange SynFutures, said in emailed comments.
“The market expects most Mt. Gox users to dump their tokens, but we could see a pullback if the selloff is lower than expected. On the other hand, if there is enough selloff to drive the price down, we may see the $50,000 Level soon.”
Lin warned that the “crucial levels” for bitcoin and ethereum were $60,000 and $3,350 respectively, both of which have now been broken “decisively”.
“As expected, bitcoin’s decline has dragged down all other assets,” Lin said. “Ethereum
Ethereum