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<ul>
 <li>Brutal crypto market dip continues as Bitcoin price hits $55,000 range.</li>
 <li>One reason for the dip is due to Mt. Gox reimbursements being sold off.</li>
 <li>Another factor is the German government continually sellings its Bitcoin (BTC).</li>
</ul>
<p>The crypto market continues to sink in a brutal market dip taking its <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">value down to the $55,000 range</a>. Seasoned Bitcoin analysts expect this fall to mark the Bitcoin local bottom this cycle. Others mark two specific events to be the cause of the continuous market dip.&nbsp;</p>
<p>To highlight, this dip is highly owed to two specific events. The first is due to the German government repeatedly selling hundreds of millions worth of Bitcoin (BTC) from its reserves. Since the past couple of weeks, the German government has been selling more and more Bitcoin from its reserves.</p>
<p>The impact on the market from these sell offs are causing a major dump in the overall crypto market. So much has been the damage that Founder of Tron, <a href="https://cryptonewsland.com/crypto-market-dump-could-reverse-if-germany-accepts-justin-suns-offer/" target="_blank" rel="noopener noreferrer nofollow">Justin Sun offered</a> to buy Germany’s remaining BTC funds off-exchange to preserve the positive sentiment of the crypto market and stop the global dip.</p>
<p>In fact, a member of the German government of parliament, Joana Cotar has voiced her opinion to urge the German government to stop selling its Bitcoin (BTC) shares. Cotar instead urges them to hold it as a <a href="https://x.com/DegenerateNews/status/1809038581706404134" target="_blank" rel="noopener noreferrer nofollow">strategic reserve currency</a> instead.</p>
<p>Meanwhile, another factor contributing to the ongoing dump is the fact that Mt. Got is finally <a href="https://cryptonewsland.com/mt-gox-set-to-commence-bitcoin-and-bitcoin-cash-repayments-in-july-2024/" target="_blank" rel="noopener noreferrer nofollow">reimbursing its users</a> who lost funds previously due to the entity’s failure to stay standing. Unfortunately, Mt. Gox is only able to <a href="https://cryptonewsland.com/mt-gox-creditors-to-receive-fewer-bitcoins-than-expected-easing-market-pressure/" target="_blank" rel="noopener noreferrer nofollow">return a small share</a> of what their users were previously holding.</p>
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   <p lang="en" dir="ltr">Mt. Gox Redemptions have started repaying customers with their <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> after over a decade! Immediately after this begun, on-chain data showed a hefty increase in selling volume from these wallets.<br><br>No Bitcoiner will say this out loud, but the majority of the $8.2 Billion in… <a href="https://t.co/VWcxBc43Sk" rel="noopener noreferrer nofollow">pic.twitter.com/VWcxBc43Sk</a></p>— Jacob King (@JacobKinge) <a href="https://twitter.com/JacobKinge/status/1808945903006536021?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 4, 2024</a>
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<p>Thus, according to the market data, it seems that most of these reimbursed holders are selling off their returned BTC shares to make the best of what they lost in the whole incident. If this goes on Bitcoin (BTC) could very well sink into a bear market.&nbsp;</p>
<p><a href="https://x.com/HoneybadgerC/status/1809034098746196178" rel="noopener noreferrer nofollow">https://x.com/HoneybadgerC/status/1809034098746196178</a></p>
<p>Presently, the crypto market continues to go red as Bitcoin sell offs are contributing to massive crypto market liquidations. In turn, these liquidations reflect that of those during the FTX collapse, the biggest liquidations since then. To put a number on it, <a href="https://x.com/WatcherGuru/status/1809060209941234008" target="_blank" rel="noopener noreferrer nofollow">$110 million has been liquidated</a> in the last 60 mins.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/mt-gox-set-to-commence-bitcoin-and-bitcoin-cash-repayments-in-july-2024/" rel="noopener noreferrer nofollow">Mt. Gox Set to Commence Bitcoin and Bitcoin Cash Repayments in July 2024</a></li>
 <li><a href="https://cryptonewsland.com/mt-gox-investment-funds-bitcoin-hold-fuels-debate-over-crypto-market-stability/" rel="noopener noreferrer nofollow">MT. Gox Investment Fund’s Bitcoin Hold Fuels Debate Over Crypto Market Stability</a></li>
 <li><a href="https://cryptonewsland.com/us-govt-liquidating-mt-gox-btc-market-pressure/" rel="noopener noreferrer nofollow">US Govt Allegedly Liquidating Mt. Gox BTC: Market Feels the Pressure</a></li>
 <li><a href="https://cryptonewsland.com/mt-gox-repayment-drama-creditors-left-hanging/" rel="noopener noreferrer nofollow">Mt. Gox Repayment Drama: Creditors Left Hanging?</a></li>
 <li><a href="https://cryptonewsland.com/mt-tower-elevates-the-metaverse-experience-listed-on-mexc-exchange-and-redefining-engagement-authenticity-and-inclusivity/" rel="noopener noreferrer nofollow">MT Tower Elevates the Metaverse Experience: Listed on MEXC Exchange and Redefining Engagement, Authenticity, and Inclusivity</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/bitcoin-sinks-to-55000-amid-mt-gox-sell-off/" rel="noopener noreferrer nofollow">Bitcoin Sinks to $55,000 Amid Mt. Gox Sell Off, Market Sees Highest Liquidations Since FTX Collapse</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Sinks to $55,000 Amid Mt. Gox Sell Off, Market Sees Highest Liquidations Since FTX Collapse

Crypto News Land

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