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<p class="is-style-lead">Today’s edition of the weekly recap: Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) drops to a five-month low amid a series of whale selloffs; Mt. Gox begins creditor repayments; and Circle secures first stablecoin license under MiCA as regulatory efforts mount.</p>
<h2 class="wp-block-heading" id="market-downtrend">Market downtrend</h2>
<ul>
 <li>Following a bearish June, <a href="https://crypto.news/bitcoin-poised-for-green-july-according-to-history/" rel="noopener noreferrer nofollow">reports</a> from July 1 suggested that Bitcoin could be poised for recovery in July. This was based on historical performance and a good start to the month.&nbsp;</li>
 <li>However, Bitcoin’s run came to a halt when it reached a one-week high of $63,861 on July 1. Bitfinex analysts <a href="https://crypto.news/analysts-bitcoin-diverges-from-us-equities-amid-supply-issues/" rel="noopener noreferrer nofollow">confirmed</a> that BTC had diverged from the currently bullish U.S. equities, as it fell below $63,000 and failed to reclaim the level.</li>
 <li>Glassnode <a href="https://crypto.news/bitcoin-stuck-in-indecision-trajectory-as-it-fails-to-break-64k-glassnode-says/" rel="noopener noreferrer nofollow">stressed</a> that Bitcoin was in an indecisive phase amid bearish pressure. BTC witnessed three consecutive intraday declines, dropping below $59,000 on July 4 as <a href="https://crypto.news/bitcoin-dips-below-59k-as-miners-show-signs-of-capitulation/" rel="noopener noreferrer nofollow">signs</a> of miner capitulation emerged.</li>
</ul>
<h2 class="wp-block-heading" id="bitcoin-hits-5-month-low">Bitcoin hits 5-month low</h2>
<ul>
 <li>Despite the downtrend, Core Scientific founder Darin Feinstein <a href="https://crypto.news/bitcoin-is-still-massively-undervalued-core-scientific-founder-says/" rel="noopener noreferrer nofollow">remained</a> bullish, stressing that BTC was undervalued. Bitcoin continued to record lower lows, dropping below $57,000 on July 4 and <a href="https://crypto.news/bitcoins-quick-dip-below-57k-forces-beginners-to-capitulate-cryptoquant-says/" rel="noopener noreferrer nofollow">triggering</a> selloffs among new holders.</li>
 <li>A combination of miner capitulation, whale <a href="https://crypto.news/1-2-billion-worth-of-bitcoin-sent-to-exchanges-in-past-week/" rel="noopener noreferrer nofollow">exchange deposits</a>, selloffs from the German government and Mt. Gox repayments <a href="https://crypto.news/bitcoin-price-plunges-below-55k-as-mt-gox-announces-repayments/" rel="noopener noreferrer nofollow">exerted</a> more bearish pressure on BTC, eventually leading to a 5-month low of $53,485 on July 5.</li>
 <li>The Bitcoin slump affected the broader market, leading to <a href="https://crypto.news/altcoins-suffer-heavy-losses-as-btc-recedes-8/" rel="noopener noreferrer nofollow">losses</a> for the altcoin market. In addition, Bitcoin mining stocks also <a href="https://crypto.news/bitcoin-mining-stocks-slumping-in-pre-market-trading/" rel="noopener noreferrer nofollow">witnessed</a> considerable declines.</li>
</ul>
<h2 class="wp-block-heading" id="meme-coins-rally">Meme coins rally</h2>
<ul>
 <li>Following the downturn, Bitcoin looked to recover, reclaiming $58,000 on July 6. However, while the firstborn crypto’s strength soon failed, meme coins recorded more robust recoveries.</li>
 <li>Market data <a href="https://crypto.news/meme-coin-rally-bonk-wif-brett-and-pepe-are-all-up-15/" rel="noopener noreferrer nofollow">confirmed</a> that BONK, dogwifhat (WIF), PEPE and BRETT all recorded gains of more than 15% over 24 hours on July 6. Meanwhile, BTC has receded back below $58,000.</li>
 <li>Last week also saw relatively low crypto funding activity, primarily due to the July Fourth holiday in the U.S. Yet, Sentient, an <a href="https://crypto.news/tag/ai/" target="_blank" rel="noopener noreferrer nofollow">artificial intelligence</a> (AI) research organization, collected an impressive $85 million in seed funding. Several other startups <a href="https://crypto.news/vc-roundup-holiday-lull-doesnt-slow-crypto-funding-as-sentient-scores-85m-lombard-raises-16m/" data-type="link" data-id="https://crypto.news/vc-roundup-holiday-lull-doesnt-slow-crypto-funding-as-sentient-scores-85m-lombard-raises-16m/" rel="noopener noreferrer nofollow">raised</a> venture capital, too.</li>
</ul>
<h2 class="wp-block-heading" id="german-government-s-distribution-campaign">German government’s distribution campaign&nbsp;</h2>
<ul>
 <li>The market crash was due to multiple factors bordering on selling pressure. Data from Lookonchain revealed that the German government had continued to distribute part of the 50,000 BTC seized from the defunct piracy platform Movie2k.</li>
</ul>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Since June 19, the <a href="https://twitter.com/hashtag/German?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#German</a> Government, the <a href="https://twitter.com/hashtag/US?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#US</a> Government, and <a href="https://twitter.com/hashtag/MtGox?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#MtGox</a> have transferred a total of 17,788 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($1.08B).<br><br>In particular, the <a href="https://twitter.com/hashtag/German?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#German</a> Government has transferred <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> every day since July 1.<br><br>They hold 396,210 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($22.78B) currently.<br><br>German Government, 41,226… <a href="https://t.co/NZJvaQQ17Y" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/NZJvaQQ17Y</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1809220890498044354?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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</figure>
<ul>
 <li>The government has moved Bitcoin daily since July 1, sending out 7,070 BTC tokens last week, a trend that compounded pressure on the market. The German government now <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener noreferrer nofollow">holds</a> 39,826 BTC during this press.&nbsp;</li>
 <li>On July 4, Tron founder Justin Sun <a href="https://crypto.news/justin-sun-teases-willingness-to-negotiate-with-germany/" rel="noopener noreferrer nofollow">disclosed</a> his willingness to purchase the German government’s BTC off the market to reduce the selling impact. Also, German legislator and Bitcoin advocate Joana Cotar <a href="https://crypto.news/german-mp-urges-government-to-halt-btc-sales-in-lieu-of-need-for-strategic-reserve/" rel="noopener noreferrer nofollow">charged</a> the government to stop the BTC sales.</li>
 <li>Meanwhile, the U.S. government, which holds a larger amount of Bitcoin, distributed some of its holdings last week, amounting to 274 Bitcoins.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="mt-gox-begins-repayments">Mt. Gox begins repayments</h2>
<ul>
 <li>The Mt. Gox repayments also contributed to the selling pressure. Mt. Gox, which recently <a href="https://crypto.news/mt-gox-to-start-bitcoin-bitcoin-cash-repayments-in-july/" rel="noopener noreferrer nofollow">announced</a> plans to begin repayments this month, <a href="https://crypto.news/mt-gox-repayments-test-and-german-btc-sell-off-bitcoin-still-bullish/" rel="noopener noreferrer nofollow">carried out</a> a series of test transactions on July 4, confirming intentions to move their assets.&nbsp;</li>
 <li>On July 5, the collapsed exchange <a href="https://crypto.news/bitcoin-price-plunges-below-55k-as-mt-gox-announces-repayments/" rel="noopener noreferrer nofollow">transferred</a> 47,228 BTC to a new address in preparation for the repayment. Creditors eventually <a href="https://crypto.news/more-than-10-years-since-the-collapse-of-mt-gox-users-confirm-reimbursements/" rel="noopener noreferrer nofollow">confirmed</a> that the repayments had begun as of July 4, with reimbursements in BTC and Bitcoin Cash (BCH).</li>
</ul>
<h2 class="wp-block-heading" id="circle-secures-stablecoin-license-under-mica">Circle secures stablecoin license under MiCA</h2>
<ul>
 <li>With MiCA’s stablecoin legislation in full swing, Circle <a href="https://crypto.news/circle-wins-europes-first-stablecoin-license-via-mica/" rel="noopener noreferrer nofollow">received</a> a license to provide stablecoin services around USDC under the new law across the European Union, making it the first stablecoin issuer to procure this licensing.&nbsp;</li>
 <li>The central bank of Russia might consider the legalization of stablecoins to leverage them for trade with <a href="https://crypto.news/russias-central-bank-might-legalize-stablecoins-for-trades-with-china-report/" rel="noopener noreferrer nofollow">China</a>.</li>
</ul>
<h2 class="wp-block-heading" id="other-regulatory-developments">Other regulatory developments</h2>
<ul>
 <li>The European Banking Authority (EBA) <a href="https://crypto.news/eba-to-extend-eu-travel-rule-to-crypto-exchanges-starting-from-december/" rel="noopener noreferrer nofollow">confirmed</a> the expansion of its guidelines around Travel Rules to cover firms providing services on crypto. This move, which will take effect from Dec. 30, is an attempt at bolstering AML procedures.&nbsp;</li>
 <li>In the U.S., a judge <a href="https://crypto.news/us-judge-approves-expedited-schedule-for-consensys-suit-against-sec/" rel="noopener noreferrer nofollow">approved</a> a motion from Ethereum development firm Consensys to expedite the timeline of its legal case against the SEC.&nbsp;</li>
 <li>Mike Novogratz, founder and CEO of Galaxy Digital, <a href="https://crypto.news/mike-novogratz-crypto-will-get-positive-regulation-no-matter-who-wins-election/" rel="noopener noreferrer nofollow">argued</a> that the U.S. crypto industry would secure the much-needed regulatory clarity regardless of who wins the forthcoming presidential election.</li>
</ul>
<p>Read more: <a href="https://crypto.news/irs-unveils-new-crypto-tax-rules-are-they-a-good-thing/" rel="noopener noreferrer nofollow"> IRS unveils new crypto tax rules: Are they a good thing? </a></p>

Bitcoin hits 5-month low, Mt. Gox begins repayments, Circle secures MiCA license | Weekly Recap

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