On July 5, the price of Ether (ETH) fell below $3,000 for the first time in 50 days. This was part of a general correction in the cryptocurrency market, largely driven by Bitcoin (BTC). Traders fear the cryptocurrency bull market is over, and despite the upcoming launch of an Ethereum exchange-traded fund (ETF) in the US, some are worried that Ether's price could continue to fall. 😟

July 7 bankruptcy of Mt. Gox transferred 47,229 Bitcoin (worth $2.6 billion) to the new address. This has raised fears of a negative impact on the price of BTC, as these coins could put up to $4.5 billion in selling pressure.

The German government has transferred 7,583 BTC to exchanges since June 19, which is worth $415 million. More alarmingly, the total number of coins held by the German authorities is 42,274 BTC, valued at more than $2 billion.

Traders fear the cryptocurrency's 2024 bull run may be over, especially since the decline coincided with the S&P 500 reaching a new high on July 5.

Despite a scenario favoring risk assets, Ether and other cryptocurrencies failed to maintain their bullish momentum.