The drop in BTC to $50,000 can be attributed to two main factors.
Pav Hundal, chief market analyst at cryptocurrency exchange Swyftx, told Decrypt: "Bitcoin prices had to see a significant increase in July to withstand the massive selling pressure from Mt. Gox and the German government. This is probably why we have a drop to $50,000." Assets from the Mt. Gox bankruptcy case have moved billions of dollars worth of Bitcoin (BTC) to an unknown wallet, further fueling market concerns about falling cryptocurrency prices.
After a large amount of fund allocation preparations, compensation payments from Mt. Gox are expected to start this month. The defunct exchange will pay out approximately 142,000 BTC and 143,000 Bitcoin Cash.
On the other hand, the German government seized nearly 50,000 Bitcoins from the operators of the illegal streaming site Movie2k.to in 2020. The Bitcoins, originally valued at approximately $2 billion, were seized during an investigation into the site's involvement in pirated movie distribution and money laundering.
On Wednesday, about 1,300 bitcoins (worth $75.5 million) were transferred to multiple exchanges including Bitstamp, Coinbase and Kraken, further exacerbating market concerns that prices may continue to fall.
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