Mt. Gox moved 47,000 BTC to an unknown wallet, causing Bitcoin to drop below $55,000 for the first time since February. This significant transfer has sparked concerns that Bitcoin could decline further, with experts predicting a potential fall to $50,000 as bearish momentum strengthens. Increased inflows to exchanges are also suggesting potential selling pressure.
Despite this decline, 75% of Bitcoin holders remain in profit. Additionally, the derivatives market is showing heightened activity and interest, indicating continued engagement from traders.

Bitcoin Plunges Below $55K After Mt. Gox Transfers 47,000 BTC
Mt. Gox has moved over 47,000 BTC from its cold wallet to an unknown wallet, causing Bitcoin to plunge significantly. For the first time since February, Bitcoin has dipped below $55,000. This dramatic drop led to over $110 million in liquidations within just an hour.

Source: Arkham Intelligence
The transaction by Mt. Gox, valued at approximately $2.71 billion based on current prices, is the first major Bitcoin movement by the defunct exchange since May. On June 24, Mt. Gox trustee Nobuaki Kobayashi announced that all necessary steps had been completed to begin issuing repayments to creditors starting in July. This announcement comes after a long wait, with creditors having anticipated compensation since the exchange’s collapse in 2014.

Experts at 10x Research have indicated that Bitcoin’s sharp decline might be just the beginning, with predictions suggesting it could drop further to $50,000. Markus Thielen of 10x Research noted, “Our data from early June already hinted at an overbought market ripe for correction.
Bitcoin’s Bearish Trend Grows as Selling Pressure Rises
Current market movements indicate that Bitcoin’s bearish momentum is just beginning, with potential for further declines. On-chain data reveals that bears have firmly taken control. Despite this, 75% of Bitcoin holders remain in profit, 7% are breaking even, and 17% are at a loss, showing that most investors are still in the green despite the recent drop.

Source: IntoTheBlock
Over the past week, inflows to exchanges have totaled $6.79 billion, while outflows have reached $5.94 billion. The higher inflows suggest that more BTC is being moved to exchanges, likely in preparation for selling. Additionally, the derivatives market has seen a 46.20% increase in volume, indicating heightened activity and interest. However, a 6.66% decrease in open interest suggests some positions are being closed, which could be a sign of profit-taking or loss-cutting.

Source: IntoTheBlock
Support levels to monitor include $53,000 and $50,000. If Bitcoin falls below these levels, the next major support could be around $48,000. Resistance levels are near $56,000 and $58,000, with a break above these levels potentially triggering a reversal or stabilization.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#MtGox #MTGOX #JustinSun #StandardChartered #Germany $BTC $ETH

German lawmaker Joana Cotar criticized the government for selling Bitcoin, arguing that it increases market volatility. She advocates for using Bitcoin to diversify Germany’s treasury assets, hedge against inflation, and promote innovation.
Cotar also opposes the European Central Bank’s Digital Euro, believing it threatens financial freedom and privacy.
German MP Joana Cotar Criticizes Government’s Bitcoin Sale
Germany’s federal parliament member, Joana Cotar, has criticized the government’s decision to sell Bitcoin, stating that this move increased market volatility and could have long-term negative effects on the cryptocurrency market.

Cotar believes Bitcoin should be treated as a national strategic reserve. The Bitcoins in question were confiscated from the illegal website Movie2k.to, which accounted for about 50,000 Bitcoins. “I urge you to refrain from a hasty disposal of state-owned Bitcoin,” Cotar emphasized.
Joana Cotar Advocates for Bitcoin as a Strategic Asset for Germany
Cotar believes Bitcoin can help Germany diversify its treasury assets, serve as a hedge against inflation, and promote innovation. She argued that selling off more Bitcoin is not “sensible” and is “counterproductive” for the country.
In her letter, the lawmaker invited four German politicians to the “Bitcoin Strategies for Nation States” event in October, hoping to change their views on Bitcoin.

Joana Cotar’s letter to the German government. Source: Joana Cotar
Cotar has consistently highlighted the need to ensure legal security for companies and citizens involved in Bitcoin. She emphasized combating potential risks like money laundering, tax evasion, and other illegal activities, but without stifling innovation. In a speech last year, she stated:
“We need to combat potential risks such as money laundering, tax evasion, and other illegal activities associated with Bitcoin. But without stifling innovation and the freedom aspects of Bitcoin.”
To increase awareness and support for Bitcoin in the German parliament, Cotar initiated the “Bitcoin in the Bundestag” program. This initiative plans to educate her colleagues about the benefits of Bitcoin so they can make informed decisions. She added:
“We need to promote the freedom aspects of Bitcoin. This includes protecting privacy, ensuring security standards, and preventing excessive regulation to maximize the benefits of Bitcoin.”
Joana Cotar Stresses Bitcoin’s Unique Role and Criticizes Digital Euro
Cotar is exclusively focused on Bitcoin and has little interest in other cryptocurrencies. She stressed the importance of establishing a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets.
The lawmaker has also been a vocal critic of the European Central Bank’s (ECB) digital currency plans. Recently, she publicly opposed the Digital Euro, questioning its necessity.
Last year, Cotar wore a Bitcoin shirt while giving a speech against the Digital Euro, stating, “Nobody needs the digital euro. Except for one ECB and politicians who have something else in mind.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#BTC #Bitcoin #StandardChartered #SOFR_Spike #US_Job_Market_Slowdown $BTC $ETH $BNB

Standard Chartered has made a bold prediction about Bitcoin's future price movements. The bank forecasts that Bitcoin could reach a new all-time high in August 2024, with its price potentially hitting $100,000 by the time of the U.S. presidential election in November.
Price Surge Prediction: Bitcoin’s price is expected to reach a new peak in August and continue its rise to $100,000 by November.Geoffrey Kendrick's Insights: Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered, highlighted that a new all-time high in August is likely, followed by a surge to $100,000 by U.S. election day.Impact of U.S. Presidential Election: Kendrick's forecast hinges on Joe Biden remaining in the presidential race, which the market perceives as favoring a potential Donald Trump victory. Trump's stance is viewed as "bitcoin-positive," with expectations that both regulation and mining would be looked at more favorably under his administration.Alternative Scenario: If Biden withdraws from the election race, Standard Chartered's model indicates Bitcoin prices could dip to $50,000-$55,000. The key date for Biden's decision is August 4, 2024, as per Ohio law requirements.
Market Implications:
Positive Correlation: The positive correlation between Trump’s electoral odds and Bitcoin’s price suggests that regulatory and mining policies would be more favorable under his presidency.Buying Opportunity: If Biden stays in the race, Bitcoin is seen as a fantastic buying opportunity, according to Kendrick.
Year-End Prediction:
In early June, Kendrick reiterated his year-end price prediction of $150,000 and an end-of-2025 forecast of $200,000 for Bitcoin. Achieving a $150,000 price by the end of 2024 would see Bitcoin join the $3 trillion club in terms of market cap.
Standard Chartered's predictions for Bitcoin indicate significant potential price movements influenced by the U.S. presidential election dynamics. As Bitcoin traded flat over the past 24 hours, its current price stands at $62,247, leaving investors and analysts eagerly watching the upcoming months.
#StandardChartered #bitcoin #btc #prediction $BTC