There are news driving this dump, or we can try to ignore the news and just look at the technical charts. This pull back to support at 59K is something we have spoken about a number of times, and $ETH at 3300 now was also spoken about as support as well. So the main news scaring the market is the Mt Gox BTC dump that is supposedly coming in early July, about $9BnâŠ. There are some opposing reports saying those guys will not get their BTCs at todayâs price but at 2014 price which is $483 per $BTC âŠ.. Either way, this Mt Gox news of a BTC dump has been used to tank BTC and crypto markets a number of times in the last 12 months, and we can see below on the charts the red lines are the times when this news came out. Every time it came out market panicked, and soon afterwards market recovered and bounced upâŠ. Even if it is true, $9bn for a $1 Trillion asset (BTC) is less than 1% of market cap. And we have known the Mt Gox sale was coming next few months for quite a while now. So I donât really consider this news, and especially a lot of high leverage longs were liquidated today, so Iâd consider this just more market action to liquidate high leverage longs. Itâs like back in 2020/21 Bull run when China was the top player in crypto, the big FUD news was âChina Bans Cryptoâ, that news came out every time when exchanges needed to liquidate longs, and this time around itâs âMt Gox coins are about to sellâ.
