TrendX Research Institute: BTC price fluctuates downward, what will be the subsequent trend of Web3 market?

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After experiencing the downturn of "poor May" and "absolute June", the crypto market in July did not see the expected rebound. On the contrary, negative news such as the German government's sell-off and the Mt.Gox repayment exacerbated investors' panic, causing Bitcoin prices to fall and driving the entire crypto market to fall. Although the market has suffered a heavy blow, with the multiple positive factors such as the FTX repayment plan of up to $16 billion, the rising expectations of interest rate cuts, and the results of the US election, many people believe that the crypto market may begin to turn around in the fourth quarter of 2024.

Important negative factors at present

Mt. Gox compensation triggers market panic: Bitcoin price plummets

The compensation issue of the Mt. Gox incident has attracted great attention from the market. The selling pressure of as many as 142,000 BTC and 143,000 BCH once caused market panic on June 24,

causing the BTC price to drop to around US$60,000.

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