Source

2024

Bitcoin

Joe Biden

Drops

<h4 class="wp-block-heading">Bitcoin’s price fell to a four-month low on Friday after Japanese crypto exchange Mt. Gox transferred $2.7 billion worth of the crypto to a new wallet. The exchange also started paying back creditors, leading to further sales as leveraged traders played it safe due to market uncertainty.</h4> 
<h2 class="wp-block-heading" id="bitcoin-price-falls-to-four-month-low">Bitcoin Price Falls to Four-Month Low</h2> 
<p>The asset dropped 5% to $53,806 before recovering slightly to about $54,658 as of 05:55 UTC. It has declined over 11% in the past week and fallen 22% in the last month.</p> 
<p>Bitcoin’s plunge followed Arkham Intelligence’s report about Mt. <a href="https://x.com/tier10k/status/1809111278574596270" target="_blank">Gox’s transfer</a>. This transaction represents the exchange’s largest move since May, following smaller test transactions conducted Wednesday.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">*MT GOX BEGINS REPAYMENTS<a href="https://t.co/HzdyREeUJB" target="_blank">https://t.co/HzdyREeUJB</a></p>— db (@tier10k) <a href="https://twitter.com/tier10k/status/1809111278574596270?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
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<h2 class="wp-block-heading" id="exchange-repayment-plan-threatens-bitcoin-price-stability">Exchange Repayment Plan Threatens Bitcoin Price Stability</h2> 
<p>Mt. Gox’s $2.7 billion transfer came just before the exchange began repaying creditors on Friday, aiming to distribute Bitcoin worth $9 billion in total. These creditors are widely expected to sell their holdings, given that these were worth only hundreds of dollars in 2014.</p> 
<p>Analysts caution that such a substantial <a href="https://btc-pulse.com/bitcoin/">Bitcoin </a>influx into the market could lead to price volatility and exert downward pressure on its value.</p> 
<p>Bitcoin surged earlier this year after the US launched exchange-traded funds, reaching a peak over $73,000 in mid-March. However, those gains haven’t held, and the price has since tumbled.</p> 
<h2 class="wp-block-heading" id="crypto-liquidations-surge-to-two-month-high-at-682-76-million">Crypto Liquidations Surge to Two-Month High at $682.76 Million</h2> 
<p>Furthermore, crypto liquidations have risen to $682.76 million in the last 24 hours, marking the highest level in two months, according to CoinMarketCap. The liquidations amounted to $589.54 million from long positions and $93.2 million from short positions. Meanwhile, long BTC positions accounted for $185.08 million.</p> 
<figure class="wp-block-image size-full">
 <img fetchpriority="high" decoding="async" width="1232" height="833" src="https://btc-pulse.com/wp-content/uploads/2024/07/image-1.png" alt="image 1" class="wp-image-25530" title="Over $678M in Crypto Liquidated in 24 Hours as Bitcoin Price Drops Below $54K 10" srcset="https://btc-pulse.com/wp-content/uploads/2024/07/image-1.png 1232w, https://btc-pulse.com/wp-content/uploads/2024/07/image-1-150x101.png 150w, https://btc-pulse.com/wp-content/uploads/2024/07/image-1-768x519.png 768w, https://btc-pulse.com/wp-content/uploads/2024/07/image-1-750x507.png 750w, https://btc-pulse.com/wp-content/uploads/2024/07/image-1-1140x771.png 1140w" sizes="(max-width: 1232px) 100vw, 1232px">
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  Source by <a href="https://coinmarketcap.com/crypto-heatmap/" target="_blank" rel="noopener">coinmarketcap</a>
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</figure> 
<h2 class="wp-block-heading" id="market-concerns-amid-political-uncertainty">Market Concerns Amid Political Uncertainty</h2> 
<p>Analysts have also raised concerns about Joe Biden potentially being replaced as the Democratic presidential nominee. This concern arises after his shaky debate <a href="https://btc-pulse.com/coinbase-claim-gary-genslers-crucial-sec-lawsuit/">performance </a>against rival candidate Donald Trump, with worries that Biden’s successor may be less supportive of cryptocurrencies.</p> 
<p>Alex Kuptsikevich, FxPro senior market analyst, expects a further drop for Bitcoin. He mentioned that a 12% decline to $51.5K is more probable from the current level, rather than a similar 12% increase to $65.8K.</p>

Over $678M in Crypto Liquidated in 24 Hours as Bitcoin Price Drops Below $54K

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BTC-Pulse

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