Bitcoin

The Bitcoin price fell below the $60,000 psychological mark on July 3, threatening to prolong the current price consolidation as Mt. Gox potentially starts releasing $9 billion worth of BTC.
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) fell 4.2% in the 24 hours leading up to 10:33 am UTC on July 3 to a local bottom of $59,600. The world’s first cryptocurrency is down 1.8% on the weekly chart, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/227f92fb-a393-4e02-8440-6bc8f7e78457.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: CoinMarketCap
 </figcaption>
</figure>
Bitcoin’s price has been in a downtrend since June, logging a nearly 18% decline during the second quarter of 2024.
Investors have been eagerly anticipating a breakout above the $70,000 mark to pave the way toward new all-time highs, but losing the current $60,000 support could mean a longer price correction.
Related: <a href="https://cointelegraph.com/news/how-long-will-the-bitcoin-consolidation-last">How long will Bitcoin’s price consolidation last?</a>
<h2 data-ct-non-breakable="true" id="did-mt-gox-start-repaying-creditors">Did Mt. Gox start repaying creditors?</h2>
Bitcoin’s decline below $60,000 may be attributed to the potential start of the <a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments">Mt. Gox creditor repayments</a>, expected in early July. 
The defunct crypto exchange may have started repaying creditors, based on a Bitcoin transfer volume chart for tokens last moved during the past seven to 10 years shared by Charles Edwards, the founder of&nbsp;digital asset hedge fund Capriole Investments.
Edwards wrote in a July 2 X <a href="https://x.com/caprioleio/status/1808102272364433415/photo/1" target="_blank" rel="noopener nofollow">post</a>: 
<blockquote data-ct-non-breakable="true">
 “The entire history of this chart has disappeared because an enormous sum of Bitcoin moved on-chain, 10X more than the previous highs. $9B. But by who? Mt. Gox. It looks like those distributions really are coming.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/cba30933-6dd0-4df1-8bef-a22f7807324d.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin: spent volume. Source: Charles Edwards
 </figcaption>
</figure>
More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds. This could mean that many investors will cash out after a decade of untouched profits. 
However, the $9 billion from Mt. Gox could be absorbed by the institutional inflows to the United States-based spot Bitcoin exchange-traded funds (ETFs). The ETFs have amassed over $52.5 billion worth of BTC since they launched in January, <a href="https://dune.com/hildobby/btc-etfs" target="_blank" rel="noopener nofollow">according</a> to Dune.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/859405cf-9364-49c9-8ebf-244b69890168.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETFs, net flows. Source: Dune
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-price-4-week-correction-mt-gox-germany-sell-btc">4-week correction for Bitcoin? Mt. Gox, Germany gov't add sell-pressure</a>
<h2 data-ct-non-breakable="true" id="did-bitcoin-whales-cause-bitcoin-to-fall-below-60-000">Did Bitcoin whales cause Bitcoin to fall below $60,000?</h2>
A whale, or large Bitcoin holding entity, may have caused Bitcoin’s price to fall below the all-important psychological mark.
An unknown whale sold $180 million worth of Bitcoin within three minutes — an extremely high amount to be sold at market value in such a short time.
Popular industry watcher Zaheer discovered the large sale based on the chart below, <a href="https://x.com/splitcapital/status/1808450274186403920" target="_blank" rel="noopener nofollow">according</a> to a July 3 X post.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/a4275467-059b-4eea-99cb-a3a9ee10eba8.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, price and aggregated funding chart. Source: Zaheer
 </figcaption>
</figure>
Contributing to the price decline, another unknown whale has deposited 1,723 BTC worth over $168 million to Binance during the past 24 hours, <a href="https://x.com/lookonchain/status/1808422792997793938/photo/1" target="_blank" rel="noopener nofollow">according</a> to Lookonchain.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/3e840ed6-2fc3-4925-841b-80225ee682e8.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC whale transfers to Binance. Source: Lookonchain
 </figcaption>
</figure>
The Bitcoin whale’s transfer to the world’s largest crypto exchange suggests that the entity is looking to sell and lock in profits.
Magazine: <a href="https://cointelegraph.com/magazine/vaneck-files-for-solana-etf-ether-supply-inflates-hodlers-digest-june-23-29/">VanEck files for Solana ETF, Ether supply inflates, and more: Hodler’s Digest, June 23–29</a>

What pushed Bitcoin price below $60K? Charts point at potential Mt. Gox repayment

Inhoudsopgave

Cointelegraph

Andere artikelen gepubliceerd op 3 jul 2024

Crypto Market Wizards, Episode 1: Stoic

Politify Memecoins Kamala Horris surges 285%!!! Here’s Why

Bitcoin Price Closes Crucial Gap: Bullish?

Oil King Pepe Hits $7.5 Million, Prepares to Skyrocket Another 18,000% Ahead of KuCoin Listing, a...

TAO Token Dives 14% as Bittensor Blockchain Halts Operations

Worldcoin Develops Global Identity Network

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!