During the significant market downturn, Bitcoin fell below $57,000, hitting a low of 56,750, its lowest level since early May, and also falling below the key 200-day moving average. The world's largest cryptocurrency by market capitalization has experienced three consecutive days of losses,

Bitcoin’s sudden drop can be attributed to several factors. The German government moved approximately 1,300 BTC (worth approximately $75.5 million) to major cryptocurrency exchanges, an action that increased selling pressure on the market. At the same time, market uncertainty has increased, in part due to expected Mt. Gox compensation payments that are expected to begin in early July.

Mt. Gox conducted the transfer of small amounts of Bitcoin with multiple wallets, the first activity in a week that was considered a test transaction in preparation for a planned flood of customer compensation this month. The long-awaited distribution will return more than $9.4 billion worth of Bitcoin to approximately 127,000 creditors.

The drop in Bitcoin prices also triggered a wave of liquidations in the derivatives market. Bitcoin liquidations reached US$100.4 million, of which more than US$86 million in leveraged long positions were forced to be liquidated. If it falls below the previous low temperature, Bitcoin may drop sharply to around 50,000. It depends on whether non-agricultural workers can help tomorrow #美国首次申领失业救济人数超出预期 #非农就业数据即将公布 #Mt.Gox将启动偿还计划 #BTC☀ #ETH🔥🔥🔥🔥