Daily CRYPTO NEWS recap📈🔥- 04.07.2024

•Bitcoin falls below $58K first time in 2 months

On July 4, the price of Bitcoin briefly dipped to $57,874 on Coinbase, marking the first time it has fallen below $58,000 in over two months. This decline occurred as millions of dollars worth of leveraged long positions were liquidated, affecting traders who were anticipating a price increase. The broader pullback in Bitcoin's price is largely attributed to the upcoming repayments from the defunct Japanese crypto exchange Mt. Gox, which is set to begin distributing approximately $8.5 billion worth of BTC to its creditors in early July.

•UK voters urge political parties to take a stand on Cryptocurrencies

As cryptocurrency dominates current U.S. political discussions, many UK residents feel it is missing from their country’s political discourse. Under Prime Minister Rishi Sunak, the UK government unveiled plans to develop a regulatory framework for digital assets and stablecoins. However, these plans were delayed when Sunak called a general election. That means no changes in near future...

•German government offloads 900 $BTC in current pullback

The German government recently sold a significant portion of the Bitcoin confiscated from an illegal streaming platform. They offloaded 900 BTC at a market price of $60,000 each. Analysts have criticized this move as financially irresponsible, with many speculating that it was intended to further depress Bitcoin's price. Coincidentally, on the same day, the U.S. government also sold nearly 4,000 BTC.

Stay tuned for more updates from MarMag! New posts coming soon :))

#NewsAboutCrypto #pullback #MtGoxJulyRepayments #UKGovernment