Markets
Crypto Bloodbath: Bitcoin and Altcoins Crash, Mt. Gox Begins Repayments, German Government Continues Selling: Weekly Crypto Recap
What a week it has been…
Cryptocurrency markets have finally taken a turn for the worse, but they have not been without their rough patches. Ultimately, the total capitalization has lost a whopping $200 billion, which is roughly 10% in the last seven days alone.
The increase is driven by significant losses on the Bitcoin side, but especially altcoins. In fact, BTC dominance – a metric that measures its share relative to the rest of the market – increased by about 0.3% last week, highlighting the general failure of altcoins as a whole.
That said, the price of BTC dropped by 9%, dropping to a level below $54,000, a level we haven’t seen in many months. But the interesting thing is that it all started incredibly well, as the leading cryptocurrency hit an intra-weekly high of nearly $64,000 on July 1st. But from there, it all went downhill.
The bears seized the opportunity and completely dominated the market, bringing it back to its current levels.
But if you think this is bad, you should take a look at some altcoins.
Ethereum is down 14%, currently trading below the important $3,000 level. BNB has dropped 14.4%, trading below $500. Major altcoins, such as ADA, SOL, XRP, AVAX, etc., are seeing declines of between 8% and 15%. Meme coins have also fallen, with DOGE crashing 20%, SHIB losing 19%, etc.
You must be wondering what is the reason for this blood
First, Mt. Gox, the former crypto exchange that owes its creditors billions of dollars in BTC and BCH, sent a whopping $2.7 billion to a new address today, sparking fears of immediate selling pressure. Additionally, the German government, which was in possession of about 50,000 BTC seized years ago, has begun selling and disposing of nearly 10,000 BTC in recent days.
This, combined with general market uncertainty, has pushed the entire sector lower, leaving many wondering if there is a bottom somewhere.
Well, prices are now recovering slightly, and many experts, including Adam Back, believe this is an opportunity that will pay off in the years to come.
We have yet to see how the next few weeks will play out, but if there is one thing that is for sure, it is that the cryptocurrency markets are starting to heat up again!
Market data
Market Cap: $2.146 trillion | 24-hour Vol: $155 billion | BTC Dominance: 51.2%
BTC: $55,798 (-8.9%) | ETH: $2,962 (-13.9%) | BNB: $492 (-14.4%)
This week’s top cryptocurrency headlines you can’t miss
Bitcoin price crashes below $54,000 as Mt. Gox transfers $2.7 billion in BTC to new address. In a terrible turn of events, Bitcoin price was unable to maintain its bullish momentum from earlier this week and crashed completely. abandoned below $54,000 today as Mt. Gox sent $2.7 billion in BTC to a new address.
More Details on Mt. Gox Bitcoin Refunds: What’s Next? The Mt. Gox fiasco is finally coming to an end, as the defunct exchange has already distributed Some of the funds have been returned to its creditors. It did so in Bitcoin and Bitcoin Cash, but there is still a long way to go. The hope is to have it done by October of this year.
Better Than The Rest: Bitcoin Is The Best Investment So Far In 2024 (Report) In weeks like these, it’s important to step back and look at the bigger picture. According to According to a recent report, Bitcoin and Ethereum remain the best investments in 2024 so far, even compared to many TradFi assets.
Are Bitcoin Miners Capitulating as They Drop Below $60,000? Bitcoin price is trading well below the $60,000 mark at the end of this week, and there is already some signs that miners are capitulating. This could be interpreted as a glimmer of hope amid the ongoing crypto bloodbath.
Here’s the key to reviving the Bitcoin bull market: analyst. Even as prices fall, some analysts are taking a closer look at potential catalysts for a much-needed recovery. According to For CryptoQuant, the liquidity of stablecoins is a key factor to keep in mind.
KuCoin introduces 7.5% fee tax for Nigerian users. KuCoin has proposed a announcement this week, saying it would levy a 7.5% tax on transaction fees for all transactions executed on the platform for its Nigerian users.
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This week we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin and Polkadot – Click here for the full price analysis.
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