$BTC dropping to $50,000 and here are the two major reasons below

"It would need to be a massive July for Bitcoin’s price to resist the sheer weight of supply flooding into the market from Mt. Gox and the German government," Pav Hundal, lead market analyst at crypto exchange Swyftx, told Decrypt. "This could be how we get as low as $50,000."

The Mt. Gox bankruptcy estate has transferred billions of dollars worth of Bitcoin (BTC) to an unidentified wallet, further exacerbating concerns on declining crypto price

Repayments from Mt. Gox are expected to commence this month after extensive preparations for fund distribution. The defunct exchange will disburse approximately 142,000 BTC and 143,000 Bitcoin Cash.

However, the German government seized nearly 50,000 BTC from the operators of the illegal streaming site Movie2k.to in 2020. The Bitcoin, initially worth around $2 billion, was confiscated as part of an investigation into the site's activities, which included distributing pirated films and laundering the proceeds.

Roughly 1,300 BTC, worth $75.5 million, were sent to several exchanges, including Bitstamp, Coinbase, and Kraken, on Wednesday, adding to concerns that prices could be headed lower.

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