$BTC reduced to 50,000 USD and here are two main reasons below

“It will take a big July for Bitcoin prices to withstand the weight of supply flooding into the market from Mt. Gox and the German government.” “This is probably how we get as low as $50,000.”

Bankruptcy company Mt. Gox transferred billions of dollars worth of Bitcoin (BTC) to an unknown wallet, further exacerbating concerns about falling cryptocurrency prices.

The refund from Mt. Gox is expected to begin this month after extensive preparations for capital 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 illegal streaming website Movie2k.to in 2020. The Bitcoin, initially worth around $2 billion, was confiscated as a part of the investigation into the site's activities, including the distribution of pirated films and the laundering of its proceeds.

About 1,300 BTC, worth $75.5 million, was sent to several exchanges, including Bitstamp, Coinbase and Kraken, on Wednesday, adding to concerns that the price could drop. $BTC