Crypto Bloodbath: Bitcoin and Altcoins Plummet, Mt. Gox Starts Repayments, German Govt Contineus Selling: Weekly Crypto Recap

05.07.2024 / Payment system news

What a week it’s been…

The cryptocurrency markets ultimately took a turn for the worse, but they haven’t been without their moments. The bottom line is that the total capitalization lost a whopping $200 billion, which is more or less 10% in the past seven days alone.

This came on the back of considerable losses from Bitcoin, but especially from the altcoins. In fact, the BTC dominance – a metric that gauges its share relative to that of the rest of the market – is up by about 0.3% in the past week, outlining the broader failure of altcoins altogether.

That said, BTC’s price crashed by a massive 9%, dipping to a low below $54K – a point that we haven’t seen in many months. But the interesting thing is that it all started incredibly well as the leading cryptocurrency reached an intraweek high of almost $64K on July 1st. It was all downhill from there, though.

The bears seized the opportunity and absolutely dominated the market, bringing it down to its current levels.

But if you think that’s bad, you should take a look at some of the altcoins.

Ethereum is down 14%, currently trading below the important $3K level. BNB crashed by a massive 14.4%, trading below $500. Major altcoins, such as ADA, SOL, XRP, AVAX, and so forth, are charting declines in the range between 8% and 15%. Meme coins also tumbled, with DOGE crashing by 20%, SHIB losing 19%, etc.

You must be wondering what the reason for this blood

Well, first and foremost, Mt. Gox, the defunct crypto exchange that owes its creditors many billions in BTC and BCH, sent a whopping $2.7B to a new address today, sparking fears of immediate selling pressure. On top of that, the German government, which was in possession of around 50,000 BTC seized years ago, started selling and disposed of close to 10K BTC in the past few days.

That, coupled with the broader market uncertainty, pushed the entire sector down, leaving many to wonder whether there’s a bottom anywhere to be found.

Well, the prices are now recovering ever so slightly, and many experts, including Adam Back, are calling this an opportunity that will yield its fruits in the coming years.

We have yet to see how the next few weeks will shape up, but if there’s one thing that’s certain it’s that the crypto markets are starting to heat up once again!

Market Data

Market Cap: $2.146T | 24H Vol: $155B | BTC Dominance: 51.2%

BTC: $55,798 (-8.9%) | ETH: $2,962 (-13.9%) | BNB: $492 (-14.4%)

This Week’s Crypto Headlines You Better Not Miss

Bitcoin Price Crashes Below $54K as Mt. Gox Transfers $2.7B in BTC to New Address. In a terrible turn of events, Bitcoin’s price was unable to sustain its bullish momentum from earlier in the week and tanked completely. It dropped below $54K today as Mt. Gox sent $2.7B in BTC to a new address.

More Details About the Mt. Gox Bitcoin Repayments: What’s Next? The Mt. Gox fiasco is finally coming to an end, as the defunct exchange has already distributed some of the funds back to its creditors. It did so in Bitcoin and Bitcoin Cash, but there is still a long way to go. The hope is to be completely done by October this year.

Better than the Rest: Bitcoin is the Best Investment so Far in 2024 (Report). In weeks like these, it’s important to zoom out and take a look at the bigger picture. According to a recent report, both Bitcoin and Ethereum remain the best investments so far in 2024, even compared to a lot of TradFi assets.

Are Bitcoin Miners Capitulating Amid the Drop Below $60K? Bitcoin’s price is trading well below the $60K mark at the end of this week, and there are already some signs that the miners are capitulating. This might be interpreted as a glimmer of hope amid the ongoing crypto bloodbath.

Here’s The Key To Reviving Bitcoin’s Bull Market: Analyst. While the prices might be down, some analysts are taking a closer look at potential catalysts for a much-needed recovery. According to CryptoQuant, stablecoin liquidity is a key factor to keep in mind.

KuCoin Introduces 7.5% Tax on Fees for Nigerian Users. KuCoin came up with an announcement this week, stating that it will levy a tax of 7.5% on transaction fees for all trades executed on the platform for its Nigerian users.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin, and Polkadot – click here for the complete price analysis.

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