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JUST IN: US Government-linked address may have been compromised, resulting in $20M in USDC, USDT, aUSDC, and ETH being moved unexpectedly.
#USJoblessClaimsDip #BinanceBlockchainWeek #CryptoPreUSElection #BTC67KRebound #EthereumPectraUpgrade
#USJoblessClaimsDip #BinanceBlockchainWeek #CryptoPreUSElection #BTC67KRebound #EthereumPectraUpgrade
PINNED
Iran-Israel tensions prompt France to recommends its nationals leave Iran temporarily
Israel vowed Iran would "pay" for its missile strike Iran said the attack was over, barring provocation Israel barred UN's Guterres from entering country The UN Security Council is meeting Israel renewed air strikes on Lebanon and Gaza Hezbollah reported first ground clashes with Israeli forces Israel said eight of its soldiers were killed in south Lebanon Listen to our podcast on Iran's attack on Israel
Iran showed 'exceptional' restraint - Russia's U.N. Ambassador Vassily Nebenzia
Israel vowed Iran would "pay" for its missile strike Iran said the attack was over, barring provocation Israel barred UN's Guterres from entering country The UN Security Council is meeting Israel renewed air strikes on Lebanon and Gaza Hezbollah reported first ground clashes with Israeli forces Israel said eight of its soldiers were killed in south Lebanon Listen to our podcast on Iran's attack on Israel
Iran showed 'exceptional' restraint - Russia's U.N. Ambassador Vassily Nebenzia
#SOLUSDT!
ALMOST 750% PROFIT BOOKED
#BinanceBlockchainWeek #USJoblessClaimsDip #BTCETFDemandSurge #CryptoPreUSElection
ALMOST 750% PROFIT BOOKED
#BinanceBlockchainWeek #USJoblessClaimsDip #BTCETFDemandSurge #CryptoPreUSElection
MEWUSDT.P
SHORT
Entry 0.011174
TP1: 0.009934
TP2: 0.009410
TP3: 0.008742
TP4: 0.008050
SL 0.011772
#BinanceBlockchainWeek #USJoblessClaimsDip #CryptoPreUSElection #BTC67KRebound #ScrollOnBinance
SHORT
Entry 0.011174
TP1: 0.009934
TP2: 0.009410
TP3: 0.008742
TP4: 0.008050
SL 0.011772
#BinanceBlockchainWeek #USJoblessClaimsDip #CryptoPreUSElection #BTC67KRebound #ScrollOnBinance
ARPAUSDT.P
short
ENTRY PRICE 0.05473
TP 0.04473
SL 0.05781
#USJoblessClaimsDip #BinanceBlockchainWeek #CryptoPreUSElection #BTC67KRebound #EthereumPectraUpgrade
$SUI LONG SCALP
SUIUSDT.P
Long
Entry Price 1.7614
TP1: 2.1806
TP2: 2.3782
SL 1.6849
#ScrollOnBinance #XRPDonationsUSElections #APTSurpassesSUI #UptoberBTC70K? #GameFiTokensRally
SUIUSDT.P
Long
Entry Price 1.7614
TP1: 2.1806
TP2: 2.3782
SL 1.6849
#ScrollOnBinance #XRPDonationsUSElections #APTSurpassesSUI #UptoberBTC70K? #GameFiTokensRally
$SOL
SOLUSDT.P
Long
entry Type 160.94
TP 171.91
SL 157.35
#ScrollOnBinance #XRPDonationsUSElections #APTSurpassesSUI #UptoberBTC70K? #BinanceLabsInvestsLombard
SOLUSDT.P
Long
entry Type 160.94
TP 171.91
SL 157.35
#ScrollOnBinance #XRPDonationsUSElections #APTSurpassesSUI #UptoberBTC70K? #BinanceLabsInvestsLombard
$PEOPLE long
scalp
*PEOPLEUSDT.P*
*LONG*
*ENTRY PRICE 0.07549*
*TP1: 0.08763*
*TP2: 0.09249*
*SL: 0.07385*
#ScrollOnBinance #UptoberBTC70K? #BinanceLabsInvestsLombard #BTC☀
scalp
*PEOPLEUSDT.P*
*LONG*
*ENTRY PRICE 0.07549*
*TP1: 0.08763*
*TP2: 0.09249*
*SL: 0.07385*
#ScrollOnBinance #UptoberBTC70K? #BinanceLabsInvestsLombard #BTC☀
$3.16 Billion worth of BTC Approximately 48000BTC transfered to kraken wallet
what's Comming next
who are they
Germans
Mt.Gox
#ETH_ETFs_Approval_Predictions #Bitcoin_Coneference_2024 #BinanceTurns7 #US_Job_Market_Slowdown
#MtGoxJulyRepayments
what's Comming next
who are they
Germans
Mt.Gox
#ETH_ETFs_Approval_Predictions #Bitcoin_Coneference_2024 #BinanceTurns7 #US_Job_Market_Slowdown
#MtGoxJulyRepayments
Educate yourself
Hey Crypto people ! The market might
be slow right now. Here are 3 things
you can do while waiting for the market.
Let's dive in! 🧵👇
1. Educate Yourself
Understanding the technology behind cryptocurrencies can give you a significant edge. Here are some ways to get started:
🟠 Learn About Blockchain:
Deep dive into how blockchain works and explore its various use cases. Knowing the technology can help you appreciate the potential of cryptocurrencies.
🟠 Stay Updated with Trends:
Read up on the latest trends like DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and Web3. These innovations are shaping the future of finance and digital ownership.
🟠 Online Courses & Webinars:
Platforms like Coursera, Udemy, and YouTube have excellent courses on blockchain and crypto. Invest some time in these resources to expand your knowledge.
2. Explore Crypto Mining and Staking 💰
Mining and staking are great ways to stay engaged with the crypto space and even earn some rewards.
🟠 Crypto Mining:
If you have the right hardware, consider mining Bitcoin or other cryptocurrencies. Mining can be a fascinating way to understand the fundamentals of blockchain operations.
🟠 Staking:
For a less hardware-intensive option, look into staking. By staking your coins in Proof-of-Stake (PoS) networks, you can earn rewards for supporting the network.
Things to consider:
- Research which coins are most profitable to mine or stake.
- Learn about the best practices for securing your mining rigs or staking setups.
- Join communities and forums to share tips and get advice from experienced miners and stakers.
3. Build and Diversify Your Crypto Portfolio 📊
Use this time to review and possibly rebalance your crypto investments.
🟠 Analyze Your Portfolio:
Take a deep look at your current holdings. Are there coins that no longer align with your investment strategy? Consider reallocating funds to promising projects.
🟠 Research Altcoins:
Look beyond Bitcoin and explore altcoins with strong fundamentals. Diversifying your portfolio can help manage risk and capitalize on various opportunities.
🟠 Alternative Investments:
Stablecoins and crypto savings accounts can offer stable returns during volatile market periods. You can also look into blockchain-related stocks or ETFs for broader exposure.
While the market is slow, it's a great time to build your knowledge, earn through mining or staking, and strategically plan your investments.
Stay informed, stay patient, and stay positive. The market will bounce back, and when it does, you'll be ready!
#BinanceHODLerBANANA #ETH_ETFs_Approval_Predictions #Write2Earn! #writetowin #BinanceTurns7
be slow right now. Here are 3 things
you can do while waiting for the market.
Let's dive in! 🧵👇
1. Educate Yourself
Understanding the technology behind cryptocurrencies can give you a significant edge. Here are some ways to get started:
🟠 Learn About Blockchain:
Deep dive into how blockchain works and explore its various use cases. Knowing the technology can help you appreciate the potential of cryptocurrencies.
🟠 Stay Updated with Trends:
Read up on the latest trends like DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and Web3. These innovations are shaping the future of finance and digital ownership.
🟠 Online Courses & Webinars:
Platforms like Coursera, Udemy, and YouTube have excellent courses on blockchain and crypto. Invest some time in these resources to expand your knowledge.
2. Explore Crypto Mining and Staking 💰
Mining and staking are great ways to stay engaged with the crypto space and even earn some rewards.
🟠 Crypto Mining:
If you have the right hardware, consider mining Bitcoin or other cryptocurrencies. Mining can be a fascinating way to understand the fundamentals of blockchain operations.
🟠 Staking:
For a less hardware-intensive option, look into staking. By staking your coins in Proof-of-Stake (PoS) networks, you can earn rewards for supporting the network.
Things to consider:
- Research which coins are most profitable to mine or stake.
- Learn about the best practices for securing your mining rigs or staking setups.
- Join communities and forums to share tips and get advice from experienced miners and stakers.
3. Build and Diversify Your Crypto Portfolio 📊
Use this time to review and possibly rebalance your crypto investments.
🟠 Analyze Your Portfolio:
Take a deep look at your current holdings. Are there coins that no longer align with your investment strategy? Consider reallocating funds to promising projects.
🟠 Research Altcoins:
Look beyond Bitcoin and explore altcoins with strong fundamentals. Diversifying your portfolio can help manage risk and capitalize on various opportunities.
🟠 Alternative Investments:
Stablecoins and crypto savings accounts can offer stable returns during volatile market periods. You can also look into blockchain-related stocks or ETFs for broader exposure.
While the market is slow, it's a great time to build your knowledge, earn through mining or staking, and strategically plan your investments.
Stay informed, stay patient, and stay positive. The market will bounce back, and when it does, you'll be ready!
#BinanceHODLerBANANA #ETH_ETFs_Approval_Predictions #Write2Earn! #writetowin #BinanceTurns7
Bitcoin is testing the short-term holders' MVRV support area. Historically, in the majority of cases, this has been a precursor to a continued bull run.
#BinanceTurns7 #BinanceTournament #MtGoxJulyRepayments #Megadrop #Write2Earn!
#BinanceTurns7 #BinanceTournament #MtGoxJulyRepayments #Megadrop #Write2Earn!
🎉 Celebrating Ethereum's 10-year anniversary at EthCC!
Co-founders Vitalik Buterin
(https://cointelegraph.com/news/ethereum-cofounders-10-year-anniversary) and Joseph Lubin (https://cointelegraph.com/news/ethereum-cofounders-10-year-anniversary) highlighted the network's evolution, focusing on proof-of-stake, layer-2 scaling, and zkEVMs for better performance.
Challenges remain with solo staking and censorship, but the future looks promising with plans for protocol simplification and mobile light clients.
If you could choose from two main cryptocurrencies, which one would it be?
#BTC_Bounce_Back_to_57k
#Ton_Coin_Surge #BinanceTurns7 #BinanceTournament #MtGoxJulyRepayments
Co-founders Vitalik Buterin
(https://cointelegraph.com/news/ethereum-cofounders-10-year-anniversary) and Joseph Lubin (https://cointelegraph.com/news/ethereum-cofounders-10-year-anniversary) highlighted the network's evolution, focusing on proof-of-stake, layer-2 scaling, and zkEVMs for better performance.
Challenges remain with solo staking and censorship, but the future looks promising with plans for protocol simplification and mobile light clients.
If you could choose from two main cryptocurrencies, which one would it be?
#BTC_Bounce_Back_to_57k
#Ton_Coin_Surge #BinanceTurns7 #BinanceTournament #MtGoxJulyRepayments
BTCUSDT 4h TF
#MarketSentimentToday #Write2Earn! #writetowin #BinanceTournament #LayerZero
As of today, the sentiment in the cryptocurrency market is characterized by a mix of cautious optimism and underlying uncertainty. Several key factors are influencing the current mood:
Market Recovery: After a period of volatility, many major cryptocurrencies, including Bitcoin and Ethereum, have shown signs of recovery. This has boosted investor confidence, although prices remain below their all-time highs.
Regulatory Environment: Regulatory developments continue to play a significant role in shaping market sentiment. Recent announcements from various governments and regulatory bodies around the world have created a sense of caution among investors. Positive regulatory news often leads to market rallies, while stricter regulations can result in sell-offs.
As of today, the sentiment in the cryptocurrency market is characterized by a mix of cautious optimism and underlying uncertainty. Several key factors are influencing the current mood:
Market Recovery: After a period of volatility, many major cryptocurrencies, including Bitcoin and Ethereum, have shown signs of recovery. This has boosted investor confidence, although prices remain below their all-time highs.
Regulatory Environment: Regulatory developments continue to play a significant role in shaping market sentiment. Recent announcements from various governments and regulatory bodies around the world have created a sense of caution among investors. Positive regulatory news often leads to market rallies, while stricter regulations can result in sell-offs.
#SOFR_Spike
The recent rise in the Secured Overnight Financing Rate (SOFR) to 5.4%, as reported by the Federal Reserve Bank of New York, indicates a tightening of liquidity and restrictions on overnight borrowing. This rate increase, matching a six-year high, is reminiscent of market dynamics seen in September 2019. At that time, the Federal Reserve intervened by injecting liquidity into the repo market, where institutions borrow and lend funds short-term using U.S. Treasury bonds as collateral.
David Brickell, an executive at FRNT Financial, noted that while this situation is a short-term concern, it highlights the ongoing pressure from excessive government debt and Treasury bond issuance. He suggests that the Federal Reserve will eventually need to end quantitative tightening or balance sheet contraction and resume liquidity injections akin to quantitative easing. Without such measures, the financial system may struggle to manage the current debt levels. Consequently, the Federal Reserve is likely to return to expanding its balance sheet to provide the necessary liquidity.
The recent rise in the Secured Overnight Financing Rate (SOFR) to 5.4%, as reported by the Federal Reserve Bank of New York, indicates a tightening of liquidity and restrictions on overnight borrowing. This rate increase, matching a six-year high, is reminiscent of market dynamics seen in September 2019. At that time, the Federal Reserve intervened by injecting liquidity into the repo market, where institutions borrow and lend funds short-term using U.S. Treasury bonds as collateral.
David Brickell, an executive at FRNT Financial, noted that while this situation is a short-term concern, it highlights the ongoing pressure from excessive government debt and Treasury bond issuance. He suggests that the Federal Reserve will eventually need to end quantitative tightening or balance sheet contraction and resume liquidity injections akin to quantitative easing. Without such measures, the financial system may struggle to manage the current debt levels. Consequently, the Federal Reserve is likely to return to expanding its balance sheet to provide the necessary liquidity.
Why is Bitcoin price up today?
Strong Bitcoin ETF inflows, coupled with increasing bets on the September rate cut, have boosted BTC's price upward today.
Bitcoi rebounded by 6.40% on July 6, reaching $56,975, after hitting a five-month low the previous day. This recovery indicates that traders are beginning to overcome the bearish effects of Mt. Gox's $8 billion BTC reimbursement and the recent BTC selloffs by the U.S. and German governments.
Bitcoin analysts attempt to calm panic sellers
Over the past 24 hours, top crypto analysts and influencers have been working to downplay the impact of Mt. Gox and the BTC selloffs by the German and U.S. governments on Bitcoin's long-term bullish outlook.
That includes Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, who reminded traders that the governments had control over $8 billion worth of BTC, which is merely 4% of the total $225 billion that has flown into the Bitcoin market since 2023.
n other words, the Bitcoin market has adequate liquidity to absorb the impact of government-led BTC selloffs, especially amid fears that the German government may dump the remainder of its Bitcoin holdings—about 42,000 BTC as of July 6—in the coming days.
Similarly, independent market analyst Trader Tardigrade likens the current Bitcoin market selloff to past black swan events, which led to sharp rebounds and subsequent extended bull cycles.
He noted:
"In 2016, 2020 and 2024, $BTC moved in the same pattern. Besides 2020, $BTC Fakeout was seen below the trendline. After reclaiming above trendline, a Bull Run follows,"
#SOFR_Spike #Megadrop #BinanceTournament #Write2Earn!
Bitcoi rebounded by 6.40% on July 6, reaching $56,975, after hitting a five-month low the previous day. This recovery indicates that traders are beginning to overcome the bearish effects of Mt. Gox's $8 billion BTC reimbursement and the recent BTC selloffs by the U.S. and German governments.
Bitcoin analysts attempt to calm panic sellers
Over the past 24 hours, top crypto analysts and influencers have been working to downplay the impact of Mt. Gox and the BTC selloffs by the German and U.S. governments on Bitcoin's long-term bullish outlook.
That includes Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, who reminded traders that the governments had control over $8 billion worth of BTC, which is merely 4% of the total $225 billion that has flown into the Bitcoin market since 2023.
n other words, the Bitcoin market has adequate liquidity to absorb the impact of government-led BTC selloffs, especially amid fears that the German government may dump the remainder of its Bitcoin holdings—about 42,000 BTC as of July 6—in the coming days.
Similarly, independent market analyst Trader Tardigrade likens the current Bitcoin market selloff to past black swan events, which led to sharp rebounds and subsequent extended bull cycles.
He noted:
"In 2016, 2020 and 2024, $BTC moved in the same pattern. Besides 2020, $BTC Fakeout was seen below the trendline. After reclaiming above trendline, a Bull Run follows,"
#SOFR_Spike #Megadrop #BinanceTournament #Write2Earn!
Spot Bitcoin ETFs, or exchange-traded funds, experienced their highest inflows on July 6.
Spot Bitcoin ETFs, or exchange-traded funds, experienced their highest inflows on July 6 following a substantial price drop in Bitcoin, below $55,000, during the U.S. July Fourth holiday.
The latest data shows an influx of $143.1 million into these investment vehicles.
Fidelity Bitcoin ETF (FBTC) is leading the charge, attracting $117 million. Close behind, the Bitwise Bitcoin ETF (BITB) saw $30.2 million in inflows, contributing to its impressive growth in holdings, now over 38,000 Bitcoins.
Bitcoin ETF Flow (US$ million) – 2024-07-05
TOTAL NET FLOW: 143.1
(Provisional data)
IBIT: 0
FBTC: 117.4
BITB: 30.2
ARKB: 11.3
BTCO: 0
EZBC: 0
BRRR: 0
HODL: 12.8
BTCW: 0
GBTC: -28.6
DEFI: 0
contributions, receiving $11.3 million and $12.8 million, respectively.
The ETFs ARKB and HODL also reported significant contributions, receiving $11.3 million and $12.8 million, respectively.In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, diverging from the overall positive trend observed in the market.Hunter Horsley, CEO of Bitwise Asset Management, shared insights on X regarding his team’s strategic acquisitions of Bitcoin at exceptionally low costs of less than half a basis point, underlining their operational efficiency.~$30,000,000 inflows into $BITB today.
Bitwise PM team efficiently purchased Bitcoin at less than half of 1 basis point of cost.
Cumulatively this week $BITB had >$66,000,000 of inflows, and now holds over 38,000 Bitcoin for investors.
The outlook for Bitcoin has never been…— Hunter Horsley (@HHorsley) July 5, 2024Horsley expressed a bullish outlook on Bitcoin, framing the recent price dip as an advantageous entry point for investors.
“The outlook for Bitcoin has never been stronger. For many who don’t yet have exposure, this week is a chance to buy the dip,” he commented.
Despite the market’s short-term volatility, the first week of July saw BITB’s inflows surpass $66 million. This uptrend in investor engagement reflects ongoing faith in Bitcoin’s long-term value.Meanwhile, the recent drop in Bitcoin’s price, falling below $55,000 on July 5, relates directly to developments involving the defunct exchange Mt. Gox. Over 47,000 BTC, valued at around $2.6 billion, were moved to a new wallet as Mt. Gox prepares for a massive $9 billion payout.At the time of writing, the price of Bitcoin is $56,826, a mark last witnessed in February, when the largest by market capitalization cryptocurrency was surging to a new all-time high.
#Write2Earn! #MtGoxJulyRepayments #BinanceTournament #Megadrop #CPIAlert
The latest data shows an influx of $143.1 million into these investment vehicles.
Fidelity Bitcoin ETF (FBTC) is leading the charge, attracting $117 million. Close behind, the Bitwise Bitcoin ETF (BITB) saw $30.2 million in inflows, contributing to its impressive growth in holdings, now over 38,000 Bitcoins.
Bitcoin ETF Flow (US$ million) – 2024-07-05
TOTAL NET FLOW: 143.1
(Provisional data)
IBIT: 0
FBTC: 117.4
BITB: 30.2
ARKB: 11.3
BTCO: 0
EZBC: 0
BRRR: 0
HODL: 12.8
BTCW: 0
GBTC: -28.6
DEFI: 0
contributions, receiving $11.3 million and $12.8 million, respectively.
The ETFs ARKB and HODL also reported significant contributions, receiving $11.3 million and $12.8 million, respectively.In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a net outflow of $28.6 million, diverging from the overall positive trend observed in the market.Hunter Horsley, CEO of Bitwise Asset Management, shared insights on X regarding his team’s strategic acquisitions of Bitcoin at exceptionally low costs of less than half a basis point, underlining their operational efficiency.~$30,000,000 inflows into $BITB today.
Bitwise PM team efficiently purchased Bitcoin at less than half of 1 basis point of cost.
Cumulatively this week $BITB had >$66,000,000 of inflows, and now holds over 38,000 Bitcoin for investors.
The outlook for Bitcoin has never been…— Hunter Horsley (@HHorsley) July 5, 2024Horsley expressed a bullish outlook on Bitcoin, framing the recent price dip as an advantageous entry point for investors.
“The outlook for Bitcoin has never been stronger. For many who don’t yet have exposure, this week is a chance to buy the dip,” he commented.
Despite the market’s short-term volatility, the first week of July saw BITB’s inflows surpass $66 million. This uptrend in investor engagement reflects ongoing faith in Bitcoin’s long-term value.Meanwhile, the recent drop in Bitcoin’s price, falling below $55,000 on July 5, relates directly to developments involving the defunct exchange Mt. Gox. Over 47,000 BTC, valued at around $2.6 billion, were moved to a new wallet as Mt. Gox prepares for a massive $9 billion payout.At the time of writing, the price of Bitcoin is $56,826, a mark last witnessed in February, when the largest by market capitalization cryptocurrency was surging to a new all-time high.
#Write2Earn! #MtGoxJulyRepayments #BinanceTournament #Megadrop #CPIAlert
BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins
BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins
Bitcoin price has tanked all the way to $55,000 as Mt. Gox moves 44,700 Bitcoin in the last two hours. The 24-hour Bitcoin liquidations have crossed $200 million.
By Bhushan Akolkar
Mt. Gox wallets, which recently moved 47,229 BTC worth $2.7 billion.
Bitcoin investors are anxious about how Mt Gox creditors will handle their newly received Bitcoins
Bitcoin liquidations have surged to nearly $200 million in the last 24 hours.
Massive selling pressure in Bitcoin persists as the BTC price has crashed another 5.5% in the last 24 hours with its price slipping under $56,000. The recent selling pressure comes as Mt. Gox wallets have become active again and started moving Bitcoins.
As per the recent data from Arkham Intelligence, crypto exchange Mt. Gox transferred 47,229 BTC, worth a staggering $2.7 billion, to a new wallet address “1L7XbxQ” two hours ago. However, the transfer raises questions regarding the exchange’s intentions as similar transfers happened to new wallets earlier in May.
However, after the May transfers, Mt. Gox officially declared that it plans to repay the creditors in early July. As we are finally in July, Bitcoin investors have turned jittery anticipating what the Mt. Gox creditors do with their Bitcoins once they receive them. Interestingly, the Arkham data shows that 2,702 Bitcoin have moved back to a cold wallet belonging to Mt. Gox.
Courtesy: Arkham Intelligence
The recent news around the Mt. Gox repayment and the sell-off by the German government has led to the Bitcoin price volatility with bears gaining the upper hand. PlnaB, the author of the stock-to-flow model noted:
“Yes yes, German government is selling 50,000 btc (10,000 already sold), and Mt.Gox is giving 142,000 btc back to investors (some may sell) … however I see nothing in the data that indicates structural weakness in bitcoin markets”.
#SOFR_Spike #US_Job_Market_Slowdown #MtGoxJulyRepayments
BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins
Bitcoin price has tanked all the way to $55,000 as Mt. Gox moves 44,700 Bitcoin in the last two hours. The 24-hour Bitcoin liquidations have crossed $200 million.
By Bhushan Akolkar
Mt. Gox wallets, which recently moved 47,229 BTC worth $2.7 billion.
Bitcoin investors are anxious about how Mt Gox creditors will handle their newly received Bitcoins
Bitcoin liquidations have surged to nearly $200 million in the last 24 hours.
Massive selling pressure in Bitcoin persists as the BTC price has crashed another 5.5% in the last 24 hours with its price slipping under $56,000. The recent selling pressure comes as Mt. Gox wallets have become active again and started moving Bitcoins.
As per the recent data from Arkham Intelligence, crypto exchange Mt. Gox transferred 47,229 BTC, worth a staggering $2.7 billion, to a new wallet address “1L7XbxQ” two hours ago. However, the transfer raises questions regarding the exchange’s intentions as similar transfers happened to new wallets earlier in May.
However, after the May transfers, Mt. Gox officially declared that it plans to repay the creditors in early July. As we are finally in July, Bitcoin investors have turned jittery anticipating what the Mt. Gox creditors do with their Bitcoins once they receive them. Interestingly, the Arkham data shows that 2,702 Bitcoin have moved back to a cold wallet belonging to Mt. Gox.
Courtesy: Arkham Intelligence
The recent news around the Mt. Gox repayment and the sell-off by the German government has led to the Bitcoin price volatility with bears gaining the upper hand. PlnaB, the author of the stock-to-flow model noted:
“Yes yes, German government is selling 50,000 btc (10,000 already sold), and Mt.Gox is giving 142,000 btc back to investors (some may sell) … however I see nothing in the data that indicates structural weakness in bitcoin markets”.
#SOFR_Spike #US_Job_Market_Slowdown #MtGoxJulyRepayments
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