💣The reason why BTC price plummeted

🔔After "falling" to the 58,000 USD mark on May 4, Bitcoin price continued to fall deeply, reaching a new bottom at 53,485 USD. Currently, the largest currency in the market is trading at 54,224 USD, down 7.77% in the last 24 hours. According to data from Coinmarketcap, Bitcoin has dropped 11.88% in the week and 23.89% in just one month.

🔥Markus Thielen - founder of 10x Research - once commented that BTC tends to create a double top model and support prices are constantly tested. This model creates conditions for the price to continue to fall deeply, possibly fluctuating around 50,000 USD, even falling to 45,000 USD. 

💯Online data confirms this is the second largest liquidation event in the entire history of Bitcoin, right after the collapse of FTX in November 2022. German Government Moves Bitcoin to Exchanges and Mt. Gox played a key role in this decline. 

☑️PeckShieldAlert said that on July 4, a wallet linked to a government account suddenly moved 1,300 BTC to Coinbase, Kraken, Bitstamp and sent 1,700 BTC to another address.

🆙New move of Mt. Gox further increased public anxiety. The exchange plans to pay 140,000 BTC, worth about $8.5 billion, to creditors. According to Foresight News, mempool data shows Mt.Gox transferring more than 47,000 BTC to the new address, worth about $2.69 billion.

⬆️Large volumes of Bitcoin moving into exchanges often signal possible selling, leading to reduced market confidence and putting downward pressure on BTC prices in recent days. 

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