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<p>The crypto market saw a major price drop today. As we witnessed, Bitcoin (BTC) led the decline. Many analysts predicted the BTC price won’t go below $56-58k in this bull cycle, but they were wrong; Bitcoin is now trading well-below $55k. </p> 
<p>At the same time, Ethereum lost $3k area. But, what’s driving this crypto prices downturn?</p> 
<p>A major reason for the drop in price appears to be the movement of a large amount of Bitcoin by Mt. Gox.</p> 
<h2 class="wp-block-heading" id="mt-gox-moves-47-228-btc">Mt. Gox moves 47,228 BTC</h2> 
<p>According to data from blockchain intelligence firm Arkham, Mt. Gox transferred 47,228 BTC (valued at approximately $2.71 billion) from cold storage to a new wallet.</p> 
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   <p lang="en" dir="ltr">BREAKING<br><br>Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet. <a href="https://t.co/3ZdSlC1IX2" target="_blank" rel="nofollow">pic.twitter.com/3ZdSlC1IX2</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1809023951932162227?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">July 5, 2024</a>
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<p>This substantial movement has reignited concerns about potential market pressure from Mt. Gox’s creditors. The exchange which closed down because of a hack is now preparing to repay its creditors. The prospect of these creditors potentially selling their received Bitcoin has created uncertainty in the market.</p> 
<h2 class="wp-block-heading" id="other-factors-contributing-to-crypto-prices-crash">Other Factors Contributing to Crypto Prices Crash</h2> 
<p>The Mt. Gox situation is just one factor. Several other factors are also causing the current market dump, according to analyst Gargoyle:</p> 
<ol> 
 <li>People are taking their money out of Bitcoin ETFs.</li> 
 <li>Since the Bitcoin halving in April, miners are getting fewer rewards, so they’re selling their Bitcoin.</li> 
 <li>The US central bank is keeping interest rates high. This makes risky investments like Bitcoin less attractive.</li> 
 <li>The German government is selling its Bitcoin.</li> 
</ol> 
<p>Because of all this, Bitcoin’s price has dropped a lot. In the past week, it went from $63,000 to $57,000. In just one day, it dropped to a low of $53,680.23 and a high of $59,006.00.</p> 
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   <p lang="en" dir="ltr">5/ Germany<br><br>The German government owns a significant amount of BTC and has started selling its assets.<br><br>According to Arkham, the German government recently transferred 400 BTC to the exchanges Bitstamp, Coinbase, and Kraken.<br><br>In total, 2,700 BTC have been moved to exchanges from… <a href="https://t.co/fcxtTDD6kr" target="_blank" rel="nofollow">pic.twitter.com/fcxtTDD6kr</a></p>— Gargoyle (@degargoyle) <a href="https://twitter.com/degargoyle/status/1808954680866750967?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">July 4, 2024</a>
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<p>The total market cap has fallen to $1.99 trillion. This is over 8% decrease in the last 24 hours. This sell-off has resulted in millions of liquidations. <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">Coinglass </a>data shows that crypto liquidations hit $678 million in the last 24 hours.</p> 
<p><strong><em>Read more: <a href="https://captainaltcoin.com/cardano-ada-poised-for-breakout-analyst-spots-bullish-pattern-mirroring-bitcoins-pre-halving-cycles/" target="_blank" rel="noreferrer noopener">Cardano (ADA) Poised for Breakout? Analyst Spots Bullish Pattern Mirroring Bitcoin’s Pre-Halving Cycles</a></em></strong></p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-33/">Why Is the Crypto Market Down Today?</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Is the Crypto Market Down Today?

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