An old leek who has been fighting in the industry's independent trading system for eight years, focusing on primary and secondary fresh goods, Heyue, and capturing web3 opportunities!
July 4th Market Views
Bitcoin price falls below $60,000 - Mt. Gox may launch a plan to release $9 billion of BTC. Since June this year, Bitcoin price has continued to fall, and has fallen by nearly 18% by the second quarter of 2024. Investors originally hoped to break through $70,000 to pave the way for a new historical record, but the current loss of $60,000 support may indicate an extension of the price adjustment period.
Has Mt. Gox started paying back its creditors? Bitcoin’s drop below $60,000 could be related to Mt. Gox’s plan to pay back assets to creditors in early July. According to a chart shared by Charles Edwards, founder of digital asset hedge fund Capriole Investments, which shows the last transfer volume of Bitcoin tokens in the past 7 to 10 years, the closed cryptocurrency exchange appears to have started paying back creditors.
More than 127,000 Mt. Gox creditors are owed more than $9.4 billion worth of Bitcoin and have been waiting for more than 10 years to get their funds back. This move may mean that many investors will choose to cash out after a long wait. However, the $9 billion in BTC released by Mt. Gox may be absorbed by institutional funds and flow into spot Bitcoin exchange-traded funds (ETFs) in the United States. According to Dune data, these ETFs have accumulated more than $52.5 billion in Bitcoin since their launch in January this year.
So, are Bitcoin’s “whales” responsible for the price drop below $60,000? Whales, or large Bitcoin holders, may have contributed to the price of Bitcoin falling below this psychologically important level. An anonymous whale dumped $180 million worth of Bitcoin in just three minutes — an extremely high amount to sell at market prices in such a short period of time. According to a July 3 post, well-known industry observer Zaheer spotted the massive sell-off through charts. Additionally, according to Lookonchain, another anonymous whale deposited a large amount of Bitcoin to Binance in the past 24 hours. 1,723 Bitcoins, worth more than $168 million, were among the many factors that contributed to the market’s price drop. This large group of Bitcoin holders, known as “Bitcoin whales,” moved their assets to the world’s largest cryptocurrency exchange, a move that suggests they may be looking to sell these assets to lock in immediate profits.
BTC\ETH support and resistance
Big Pie Support: 56000 Pressure: 60991
Auntie support: 3094 Pressure: 3493
We need to pay close attention to market trends and seize investment opportunities.
Why not click on my avatar and follow me? I will share the planning and contract passwords about the bull market spot for free. I am in urgent need of fans, and what you need is a reference. Instead of blindly guessing, it is better to choose to follow me. In this way, you can at least get some valuable information instead of just fantasizing.
