Strong

Bitcoin

Drops

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-below-60000-despite-strong-start-in-july/" data-wpel-link="internal">Bitcoin Price Drops Below $60,000 Despite Strong Start in July</a> 
<a href="https://en.coin-turk.com/venture-smart-financial-plans-to-launch-spot-bitcoin-etf/" data-wpel-link="internal">BTC</a> price recently fell below $60,000 despite a strong start in July. Investors remain cautious, especially with altcoins, fearing larger losses. Additionally, the potential impact of MTGOX repayments on the market cannot be ignored. 
<h2 style="text-align: justify" id="mtgox-and-crypto-decline">MTGOX and Crypto Decline</h2> 
The decline in cryptocurrencies has continued since June. Investors eagerly awaiting a break above $70,000 were disappointed to learn that MTGOX repayments would begin in July. The fact that $60,000 is still holding is somewhat encouraging. 
Have MTGOX repayments started? Capriole Investments founder Charles Edwards looks at the BTC transfer volume graph over the last 7-10 years and suggests that MTGOX repayments may have begun. 
<blockquote> 
 “The entire history of this graph disappeared because a massive amount of <a>Bitcoin</a> moved on the network, 10 times more than previous highs. 9 billion dollars. So who moved these? It seems MTGOX distributions are starting.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-367636 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/mtgox-iadeleri.png" alt="" width="1381" height="802"> 
The trustees of the <a>exchange</a> returning billions of dollars in assets will create a significant surplus in the market. Steady sales also confirm that this may have started. Moreover, the trustee’s statement clearly mentioned that repayments would be made throughout July. 
<figure id="attachment_367637" aria-describedby="caption-attachment-367637" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-367637 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/MTGOX-adresleri.png" alt="" width="999" height="363">
 <figcaption id="caption-attachment-367637" class="wp-caption-text">
 If MTGOX repayments have started, why are BTCs still in wallets?
 </figcaption>
</figure> 
<h2 style="text-align: justify" id="the-mtgox-incident-and-cryptocurrencies">The MTGOX Incident and Cryptocurrencies</h2> 
Approximately 127,000 creditors will receive over $9.4 billion in BTC repayments. Investors who have been waiting for their funds for 10 years can sell BTC bought at very low prices for abnormal gains at current prices. In 2014, BTC was around $600 at its highest. This means a creditor with $1 worth of BTC would get 100 times that amount today. Those who bought at lower prices around $300 would get 200 times their <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investment</a>. Truly satisfying figures. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-367635 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/BTC-yillara-gore-grafigi.png" alt="" width="975" height="411"> 
ETFs have reached a total of $52.5 billion in BTC reserves to date. The story of supply scarcity was very popular a few months ago, but unless a major demand wave forms through the ETF channel, this surplus could drag markets down. Ultimately, the end of MTGOX FUD is another promising detail for the expected rally by year-end. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-below-60000-despite-strong-start-in-july/" data-wpel-link="internal">Bitcoin Price Drops Below $60,000 Despite Strong Start in July</a></h5>

Bitcoin Price Drops Below $60,000 Despite Strong Start in July

Table of Contents

COINTURK NEWS

Другие статьи, опубликованные 3 июл. 2024 г.

onsemi (ON) Stock Gains on SWIR Vision Systems Acquisition

Ethereum, Bitcoin & XRP Lead $1.5B Crypto Scam Losses, What’s Happening?

LandWolf Price Prediction: WOLF Plunges 19% As Experts Say This GameFi ICO Might Be The Best Cryp...

Scammers Drain $240,000 in NFTs on Blur Marketplace

Coinbase and US Marshals Service Partnership: Federal Agency Chooses Crypto Exchange for Asset Cu...

Bittensor Down: Security Breach Triggers Network Shutdown, TAO Token In Freefall

Join our free newsletter for daily crypto updates!