Ethereum

Satoshi

Bitcoin

Captain

RebelSatoshi

<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> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <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>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<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> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <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>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<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> 
<p><em><strong>Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="nofollow">FREE Telegram group.</a></strong></em></p> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/REBEL-SATOSHI-RECQ-MEME-COIN-qndahijqjwle5mml7gg8my30uqig0eo11vxmtat25a.png" width="500" alt="Check $RECQ Meme Coin" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-nofollow-sponsored-span-check-recq-meme-coin-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <span>Check $RECQ Meme Coin</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> Buy RECQ Today </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc">
     <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Serves as the base currency for all transactions within the Rebel Satoshi platform
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>ICO stage, offering tokens at a discounted price
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<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?

Mục lục

CaptainAltcoin

Các bài viết khác được xuất bản trên 5 thg 7, 2024

Is It Too Late To Buy DADDY? Daddy Price Soars 11% To Defy The Crypto Crash As Investors Turn To ...

Efficient Token Transfers at Low Cost for Starters

ETH to finally outperform BTC? Discover why it's great for these 5 cheap cryptos

HashKey Global Ranks Top 10 Globally and Achieves Profitability Within 2 Months of Launch

Why people are losing trust in mainstream media — Mario Nawfal

A major crypto whale invests $120 million in Shiba Inu, PEPE, Ethereum

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!