Bullish Drivers Remain In Play Despite Germany's Bitcoin Sales and Mt. Gox Reimbursements

Macro factors and persistent "risk-on" in traditional markets suggest a promising outlook after BTC-specific supply overhangs run dry.
By Omkar Godbole

Germany's BTC sales and Mt. Gox reimbursements weigh over BTC.
Major economies' expansionary phase, slowing inflation, and peak tech optimism on Wall Street suggest a positive outlook.

It may seem like turbulent times in the crypto market amid Germany's bitcoin (BTC) sales and fears about mass liquidations by defunct exchange Mt. Gox's creditors. However, looking past these supply overhangs reveals a promising outlook, buoyed by supportive macroeconomic factors and sustained risk-taking in traditional markets.

#Coindesk

Mt. Gox Doomsday Scenario Involves Bitcoin Cash, Not Bitcoin: Analyst
Selling pressure from Bitcoin Cash (BCH) and lack of liquidity is the story to watch once Mt. Gox begins redemptions, writes Presto Research.

By Sam Reynolds

Mt. Gox's bankruptcy redemptions are bearish for BCH, not BTC, writes Presto Labs' Peter Chung.
Mt. Gox will send back to its former customers $73 million worth of BCH, worth over 20% of the token's daily trading volume.

Fears that selling pressure from bankruptcy redemptions from the estate of Mt. Gox will drive down the price of bitcoin (BTC) is unfounded, but it could be a bearish scenario for Bitcoin Cash (BCH), Presto Labs' Head of Research wrote in a note.
Bitcoin's price continues to dip below $60,000, with over $200 million in liquidations as the trading day began in Asia Thursday, CoinDesk reported earlier.

Could a Trump Win Lead to Approval of Spot SOL ETFs?
Fears that selling pressure from bankruptcy redemptions from the estate of Mt. Gox will drive down the price of bitcoin (BTC) is unfounded, but it could be a bearish scenario for Bitcoin Cash (BCH), Presto Labs' Head of Research wrote in a note.
Bitcoin's price continues to dip below $60,000, with over $200 million in liquidations as the trading day began in Asia Thursday, CoinDesk reported earlier.

In addition to the roughly $9.5 billion in BTC the former exchange will send back to its customers, Mt. Gox will also send back 143,000 BCH worth around $73 million. CoinGecko data shows that Bitcoin Cash has a daily trading volume of $308.8 million, making this redemption worth around 24% of that number.
"Our analysis shows that the selling pressure for BCH will be four times larger than for BTC: 24% of the daily trading value for BCH vs. 6% of the daily trading value for BTC," Presto Labs' Peter Chung wrote in a note, pointing out that BCH's daily trading value is 1/50 of BTC.

In an interview with CoinDesk, Chung said BTC is projected to have limited selling because anyone who wanted out could have sold their claims on bankruptcy claim markets.$BTC

💸After Today's Drop, Giant Whale Gave Up: He Sold All of His Altcoins at a Loss!

After the declines, the giant whale gave up and transferred the remaining LDO and AAVEs to Binance.

The whale, which recently sold altcoins at a loss, has completely given up. Balina transferred the remaining LDO and AAVEs to Binance.

According to Lookonchain's post, this whale deposited 3.33 million LDO worth $5.67 million and 31,191 AAVE worth $2.56 million into Binance.
As you may remember, this whale sold 3.13 million LDO ($5.77 million), 49,771 AAVE (4.54 million), 269,177 UNI ($2.41 million) and 250,969 FXS ($708 thousand) at a loss yesterday.

cr.bitcoinsistemi

$BTC
Bitcoin Nosedives Under $58K Amid Mt. Gox, German Government Wallet Movements

A wallet belonging to a German official entity moved its largest stash of BTC to exchanges earlier today, while Mt. Gox wallets showed activity for the first time in a month.

Bitcoin dropped under $58,000 for the first time since May, marking a 5% loss in 24 hours.Mt. Gox wallets, dormant for a month, showed activity with test transactions, hinting at potential asset distributions and increased selling pressure.

Bitcoin (BTC) plunged under $58,000 in European morning hours, extending 24-hour losses to nearly 5% and dropping to prices not seen since early May.
The sell-off came as wallets belonging to defunct crypto exchange Mt. Gox showed signs of activity for the first time in a month and the German Federal Criminal Police Office moved over $75 million to crypto exchanges.

Crypto Liquidations Top $200 Million as Ethereum, Bitcoin Fall
Both Bitcoin and Ethereum are down 12% over the past 30 days, although there are some hopeful signs, according to experts and analysts.

Crypto market liquidations spiked to their highest point in a week on Wednesday as the price of Bitcoin sunk below $60,000.

In the past 24 hours, more than 74,000 traders were liquidated to the tune of $208 million, CoinGlass data shows.

The majority of those — some $184 million — struck investors holding long positions that had bet on prices going up.

The largest liquidations afflicted Ethereum investors, at $55.5 million, almost entirely in long positions, data shows.$BTC
$ETH
#Liquidations
#IntroToCopytrading

Bitcoin price today: slides to $60k amid Mt Gox dumping fears

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Bitcoin price today: slides to $60k amid Mt Gox dumping fears



AuthorVahid Karaahmetovic

Published 07/03/2024, 01:43 AM

Updated 07/03/2024, 08:26 AM

Bitcoin price today: slides to $60k amid Mt Gox dumping fears



DXY

-0.19%

BTC/USD

-5.31%

ETH/USD

-5.88%

Investing.com-- Bitcoin price slid lower on Wednesday, extending losses seen earlier in the week as traders remained largely averse to the token amid concerns that distributions from the defunct exchange Mt Gox will spark a mass sales of the token.

Sentiment towards broader crypto markets also remained dour amid uncertainty over U.S. interest rates, with a recent drop in the dollar doing little to deter weakness in the sector.

Bitcoin fell 4% in the past 24 hours to $60,339.1 by 08:20 ET (12:20 GMT). The world’s biggest cryptocurrency was nursing steep losses through June and remained squarely within a trading range established since March.

Bitcoin sees little relief as Mt Gox fears reign 

Traders were largely on edge in anticipation of distributions by Mt Gox. Liquidators of the exchange signaled that they will begin returning Bitcoin stolen during a 2014 hack to clients by early-July.

The exchange was seen mobilizing about $9 billion worth of Bitcoin earlier this year, although it remained unclear just how much the planned distributions will entail. 

Traders speculated that receivers of the tokens would be largely inclined to selling them, given that Bitcoin saw massive price gains over the past decade. Such a scenario presents extended selling pressure on Bitcoin.

Speculation over dumping activities by other entities also weighed on Bitcoin. The German government was seen offloading Bitcoin recovered from a piracy website, while some whales were also seen mobilizing Bitcoin this week.

But even before fears of Mt Gox began battering Bitcoin prices, sentiment towards crypto was seen largely cooling as the token remained rangebound for over three months.

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