U.Today - (BTC) began Friday with another round of declines, trading at $54,300 and resulting in liquidations totaling over $662.62 million in the past day.

This decline prompted a reaction from Michael Saylor, CEO of MicroStrategy and a well-known BTC advocate, who took to social media to express his continued support, stating that Bitcoin represents independence (well-timed for U.S. Independence Day on July 4).

However, Peter Schiff, a well-known financial expert and outspoken critic of Bitcoin, responded with characteristic sarcasm, suggesting that Bitcoin would indeed make investors independent of their money. But there's a catch.

Schiff also elaborated on his views, highlighting the recent low of $53,550 per BTC, an enormous drop from its record high of $74,000. He pointed out that this represents a 27.5% decline in U.S. dollar terms and a 38.5% decline against gold.

Furthermore, Schiff predicted that if Bitcoin's value falls below $38,000, all ETF buyers will experience losses, which could trigger widespread selling as investors decide to cut their losses.

As Bitcoin navigates its current bearish phase, the question is whether it can recover from this downturn and reach new heights, or whether the predictions of critics like Schiff will come true and lead to further declines.

This article was originally published on U.Today

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Michael Saylor and Bitcoin Grilled by Peter Schiff By U.Today - Investing.com

In late February 2014, Daniel was at his computer trading bitcoin on Tokyo-based crypto exchange Mt. Gox. Suddenly, the website flashed white and became unresponsive. In a panic, Daniel turned for answers to internet forum Bitcoin Talk, where speculation had already begun: Mt. Gox was in trouble.

Daniel, who lives in Europe, was a university student at the time. After making a bit of money trading bitcoin on Mt. Gox, he had posted almost all of his wealth to the exchange. When Mt. Gox fell offline, Daniel says, he went into full crisis mode. He needed that money to fund the remainder of his time in school.

On February 28 of that year, Mt. Gox filed for bankruptcy. Hundreds of thousands of bitcoinback then worth around $400 million, now $45 billionhad been stolen in an elaborate heist, the company said. It had practically no remaining funds with which to process withdrawals.

Thus began a Kafkaesque ordeal for Mt. Gox customers, who for the past decade have wrestled through a winding and bureaucratic corporate reorganization process in hope of recovering the bitcoin they lost. WIRED spoke to eight former Mt. Gox customers, all but one of whom, like Daniel, asked to appear under a pseudonym to protect their financial privacy. They each told a similar story, characterized by confusion, repeated delays, and a maddening lack of control.

The first few weeks were the worst, says Daniel, who fell into a depression in this period and began to drink. Though he later secured a loan to finish college, Daniel resorted for a time to credit card fraud to replace the stolen funds, telling himself that no harm would come to the individual card owners, who were insured. After nearly being caught, he sought out a stable job, but at the time, he had pretty much given up on life, says Daniel.

Ten years later, Mt. Gox customers are about to be reunited with their bitcoin. On June 24, the trustee responsible for managing the estate, veteran bankruptcy lawyer Nobuaki Kobayashi, announced that crypto repayments would begin to filter through from July onward. On Friday, the coins began to move.

In a highly atypical turn of events, Mt. Gox customers actually stand to profit financially from their involvement in the bankruptcy. Because only a limited amount of bitcoin was recovered, customers will receive only roughly 15 percent of the bitcoin they held on the exchange. However, the hundredfold increase in price in the intervening period means the dollar-value of the coins will far exceed the worth of their original pile. In all, around $9 billion worth of bitcoin will be returned. Ive seen the crypto universe rise, die, and rise again, says Daniel. Im watching the bitcoin charts daily.

Mt. Gox was started in 2010 by Jed McCaleb, an early bitcoiner from the US. McCaleb sold the exchange in 2011 to Mark Karpels, a young French developer, under whom it became the largest in the world. In 2013, three-quarters of global bitcoin trades were reportedly passing through Mt. Gox.

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After a 10-Year Wait, Mt. Gox Bitcoin Is Finally Being Returned - WIRED

Key Takeaways

Prices for major cryptocurrencies, as well as shares of Coinbase Global (COIN) and MicroStrategy (MSTR),slumped Friday as collapsed crypto site Mt. Gox began paying back creditors.

Nobuaki Kobayashi, the trustee for the Mt. Gox bankruptcy estate, said that the estate made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through a part of the Designated Cryptocurrency Exchanges etc. in accordance with the Rehabilitation Plan.

He noted that other creditors would be promptly repaid when certain conditions were met, among them that they can be made safely and securely.

Bitcoin (BTCUSD)was trading around $55,700, down roughly 2.4%, as of 10:45 a.m. ET Friday. Ether was off about 3.4%.

Mt. Gox was once the worlds biggest crypto exchange, at one point handling 70% of bitcoin transactions. A hack attack in 2014, which resulted in the loss of an estimated 740,000 bitcoin, led to the firms demise.

The anticipation of the Mt. Gox news, which Kobayashi signaled last month would happen in July, had already begun to roil the crypto market. Todays announcement sent bitcoin to its lowest level in five months.

The impact has also been felt at Coinbase, which reported it had $935 million in revenue from customer crypto trading in the first quarter, double what it was in the fourth quarter. MicroStrategy said in its first-quarter financial report that it owned 214,400 bitcoin.

Coinbase shares were down about 5% to $213.87 as of 10:45 a.m. ET Friday, while MicroStrategy fell more than 6% to $1,220.11. Still, shares of Coinbase and MicroStrategy have surged about 23% and 93% year-to-date.

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Bitcoin Falls as Mt. Gox Repayment Roils Crypto Market - Investopedia

Most of the Bitcoin being repaid by defunct exchange Mt. Gox will likely be sold, threatening to cause more downside pressure on the price of Bitcoin.

The Mt. Gox repayments could add $8.2 billion worth of additional selling pressure to the Bitcoin (BTC) price, according to finance analyst Jacob King.

The analyst said that onchain movements already point to the fact that Mt. Goxs creditors have started selling. King wrote in a July 4 X post:

The gloomy prediction comes hours after Mt. Gox began repaying its debts in Bitcoin and Bitcoin Cash (BCH), the collapsed crypto exchange announced on July 5.

Related: Ether ETFs will only be a sidekick to Bitcoin ETFs Bloomberg analyst

The predictions raise concerns about the price of Bitcoin, which has been struggling to gain traction for over a month and is currently trading above the $60,000 psychological mark.

Bitcoin has been in a downtrend for the entire month of June, logging a nearly 18% loss during the second quarter of 2024.

However, the market selling by Mt. Goxs creditors could potentially take Bitcoin back into bear market territory, according to the analyst:

The Bitcoin price fell 3.9% in the 24 hours leading up to 10:17 am UTC on July 5 to trade at $55,250. The worlds first crypto is down over 10% on the weekly chart, according to CoinMarketCap data.

Despite the potential selling pressure, the repayments are a positive development for the industry and the defunct exchanges users. This sentiment is echoed by Mark Karpels, the former CEO of Mt. Gox, who highlighted this in a July 5 X post:

Despite the potential selling pressure, the repayments come as a positive for the industry and the exchanges defunct users, as also highlighted by Mark Karpels, the former CEO of Mt. Gox. He wrote in a July 5 X post:

Related: Justin Sun offers to buy German govts $2.3B Bitcoin stack to minimize market impact

More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.

Considering that the Bitcoin price increased by over 8,500% during the past 10 years, the majority of defunct creditors will likely look to lock in some profits.

This is partly why King also expects around 99% of the creditors to sell their BTC. He wrote:

Magazine: Could a financial crisis end cryptos bull run?

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Up to 99% of Mt. Gox's $8.2B Bitcoin could be sold Analyst - Cointelegraph

Bitcoinfaces a battle to preserve its bull market as Mt. Gox reimbursements spark the biggest liquidation cascade in years.

The Bitcoin (BTC)price downside hit 5% on July 5 alone, according to data from Cointelegraph Markets Pro and TradingView and now traders are eyeing lines in the sand that bulls must protect.

For popular trader Matthew Hyland, first on the radar is support at the $52,000 mark.

This forms the floor of Bitcoins supertrend indicator on weekly timeframes a foundation for price in place since mid-Marchs $73,800 all-time high.

Supertrend employs average true range to create a Supertend line, which delineates buy and sell phases for BTC/USD. The pair has been above the supertrend line since the end of 2022, when Bitcoins last bear market ended.

Observing prior Bitcoin bull markets, the current drawdown from all-time highs is still modest.

Since 2016, BTC/USD has dipped 38% on multiple occasions, making the capitulation target $45,750.

Commenting on the phenomenon, Adam Back, founder and CEO of Blockstream, criticized fickle market sentiment. Instead, he argued that hodlers should increase exposure to both Bitcoin and the stock of MicroStrategy, the firm with the largest BTC treasury of any public company.

Reminder, zoom out. prior bull runs had half a dozen -30% draw downs too. we're at about -26% (-27% earlier), he wrote on X.

Just as unfazed about the extent of the downside is popular trader and analyst Rekt Capital.

Related: Mt. Gox begins repayments in Bitcoin and Bitcoin Cash

This pullback is -21% deep & 45 days long. In this cycle, average retrace depth is -22% & average retrace duration 42 days, he calculated.

Long-term, he added in a further X post alongside a comparative chart, BTC price history is repeating as we speak.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Watch these Bitcoin price levels next as $52K supertrend risks failure - Cointelegraph

Companies July 5, 2024, 5:18AM EDT Published 1 minute earlier on

Mt Gox creditors may need to wait up to three months to receive their bitcoin or bitcoin cash repayments depending on which crypto exchanges they made the claims with, according to a trustee document.

The trustee of the defunct crypto exchange announced today that it has started to make repayments to a part of the designated crypto exchanges based on the rehabilitation plan.

The trustee has previously detailed that the timeline for payouts to become visible in creditors' accounts may vary depending on the exchanges. Kraken is given 90 days to process payouts, while Bitstamp may take up to 60 days. BitGo will have payouts visible within 20 days. SBI VC Trade and Bitbank will both complete payouts within 14 days.

Each Designated Cryptocurrency Exchange, etc. is obligated to add the number of BTC +4.91% / BCH +10.80% to the balance of a rehabilitation creditor's account (or to transfer BTC/BCH to a wallet linked to the account) within a certain number of days after the day the BTC/BCH are transferred from the Rehabilitation Trustee, the trustee said in the document.

The trustee noted in its announcement today that repayments to eligible creditors will be promptly made if they meet certain conditions, including confirmation of the validity of registered accounts, acceptance of the intention to subscribe to an agreement by designated crypto exchanges, as well as completion of discussions with the trustee.

Earlier today, Mt Gox moved 47,228.7 BTC (about $2.71 billion) to a wallet and later transferred the assets in multiple transactions, including sending 1,545 BTC ($85 million) to a hot wallet on crypto exchange Bitbank, according to data from Arkham.

Bitcoin's price dropped below $54,000 at one stage today, and the largest cryptocurrency is currently trading at $54,270, down 6.48% over the past 24 hours. The broader crypto market saw more than $665 million in daily liquidations across centralized exchanges.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Mt Gox creditors may have to wait for up to three months to receive their bitcoin - The Block

U.Today - The crypto market has experienced its second largest liquidation event of all time today, with almost $700 million in long orders wiped out overnight. This occurred as 's price plunged below $54,000, leading to a cascade effect that has further destabilized the market.

Large liquidations like these not only depress prices but also trigger investor panic, exacerbating the sell-off and leading to even more liquidations. The current market situation appears grim, with experts predicting a slower recovery compared to the past.

In the midst of this mess, a jaw-dropping transfer has raised eyebrows, as a transaction involving 11,302 BTC, equivalent to $624 million, was detected moving between unknown wallets. This large-scale transfer has added to the unease among investors, already jittery from the market's wild ride.

The timing of this transfer also coincided with the FUD surrounding large-scale sales by entities such as Mt. Gox paybacks and the German and U.S. governments. The movement of such a substantial amount of Bitcoin in this climate has only fueled speculation about the intentions behind the transfer and its potential impact on market stability.

However, in a surprising twist, Arkham has identified these wallets as belonging to BitMEX, one of the leading and oldest crypto exchanges.

As the market navigates such a chaotic timeline, the actions of major players and the perception of investors will be critical in determining the trajectory of cryptocurrency prices in the near future.

This article was originally published on U.Today

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Bitcoin Witnesses Crazy $624 Million Mystery: What Happened? By U.Today - Investing.com

Bitcoinsought a rebound into the July 5 Wall Street open as the market digested the start of Mt. Gox reimbursements.

Data from Cointelegraph Markets Pro and TradingView tracked a 3.8% Bitcoin (BTC)price rebound from lows of $55,550 on Bitstamp.

This represented the lowest levels for BTC/USD since late February, as liquidations mounted and sentiment fell close to extreme fear.

Market observers, while surprised at the extent of the latest downside, pinned blame on the start of transfers from wallets affiliated with the Mt. Gox rehabilitation proceedings.

The first transfers have begun. Market sold off again following these transfers. Now comes the time where well figure out how much is getting sold and how the market absorbs it, popular trader Daan Crypto Trades wrote on X.

As Cointelegraph reported, the total funds involved in the distribution to Mt. Gox creditors totaled more than $8 billion in Bitcoin and Bitcoin Cash (BCH).

Daan Crypto Trades noted that BTC/USDT continued to respect a broad downward trending channel something which even infamously cautious trader Il Capo of Crypto considered an encouraging sign.

Interaction with channels usually means corrective pattern (consolidation before continuation), he responded.

Meanwhile, even the more bullish voices within the trading community conceded challenging times for hodlers.

Bitcoins higher timeframe market structure is being put to the test, popular trader Jelle acknowledged while analyzing the three-day chart.

The latest weekly candle further pressured the bull market from the perspective of the Ichimoku Cloud indicator.

Related: Watch these Bitcoin price levels next as $52K supertrend risks failure

At $56,150, the price fell below the Kijun Sen trendline on weekly timeframes, with the weekly candle sandwiched between it and the upper trendline, Tenkan Sen.

Commenting on the setup, popular trader Titan of Crypto suggested that a close below Kijun Sen on monthly timeframes would require a rethink of overall bullish market structure.

From Ichimoku perspective, unless a monthly candle closes below Kijun and confirms with the following monthly candle, Bitcoin remains bullish, part of a recent Xpost read.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin Ichimoku cloud reassures as BTC price bounces from 4-month low - Cointelegraph

Bitcoins slump saw it dip to under $55,000 as it dropped below its 200-day simple moving average.

The downturn comes as Mt. Gox began to repay customers after a decade-long bankruptcy process that should see the return of about $9 billion in Bitcoin.

The fresh influx comes as market watchers expect the German government to sell its Bitcoin holdings, which will also weigh on markets.

So how bad will the downturn be?

This is what the experts say.

David Brickell, head of international distribution at FRNT, told DL News its difficult to say how far Bitcoin will fall.

Still, he sees signs the slump may turn around.

Macro factors line up positively, with the dollar drifting lower and yields reversing lower on expectations of Fed rate cuts and improved liquidity as major central banks adopt an easier policy stance, Brickell said.

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Several factors suggest a turnaround.

This latest flush might be sufficient to attract the dip buyers who have been sidelined, but remain longer term bullish and may well fire the starting gun on the next leg of the bull market, Brickell said. Bulls will be on the lookout.

Rachel Lin, co-founder and CEO of decentralised crypto derivatives exchange SynFutures, said the Bitcoin slump is due to market expectations that Mt. Gox users will dump their tokens,

But we might see a bounce-back if the selling is lower than anticipated, she told DL News.

Lin added that its possible Bitcoins price may tank even further: If there is enough selling to push the price lower, we might be looking at the $50,000 level soon.

Negativity about the impact of Mt. Goxs potential $9 billion dump on the market may just be sentiment.

Thats according to Brad Howell, managing director of crypto market maker Keyrock UK.

We should put this into perspective, Howell told DL News earlier this year.

Bitcoin averaged $30 billion in daily trading volume in March, and the market processed $72 billion in volume when Bitcoin dropped 8% on March 19, Howell said.

This should give you an idea of the volume required to move a market of this size, he said.

Howell also said he didnt expect Mt. Gox creditors to sell their assets as they are likely early adopters who are more likely to hold onto their Bitcoin.

Dont expect huge volumes to be dumped on day one, he said.

Adam Morgan McCarthy, an analyst at digital finance data company Kaiko, said that Bitcoin liquidity over the summer will play a big role in its price action.

Liquidity tends to dry up over the summer months. We can already see this happening, he told DL News.

This means theres less support when theres selling pressure and prices can move more sharply. I expect this to continue throughout July, August, and into September.

CCData research analyst Jacob Joseph told DL News theres reason to be bullish, despite the current challenges.

He cited growing crypto adoption among institutional players for instance via spot Bitcoin exchange-traded funds and the US election serving as positive catalysts for a rally.

In the US, both President Joe Biden and prospective Republican nominee Donald Trump have warmed to crypto.

Joseph said hell be watching for seasonal effects in the summer, which often result in lower institutional trading activity.

He will also keep an eye on key macroeconomic factors, including the inflation rate and the Federal Open Market Committee meeting later this month, for more hints.

Read more from the original source:

Will Bitcoin bounce back? Here's where five experts see the price heading next - DLNews

The Bitcoin price continued its correction on July 4, dropping 3.34% in the last 24 hours and 5.82% in the last week.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) dropped to a one-month low of $56,709 after losing the key support provided by the psychological $60,000 level.

Meanwhile, the total crypto market capitalization has dropped by 4.23% over the last 24 hours to rest at $2.13 trillion at the time of publication. The 42% leap in the total trading volume is testimony to the sell-side intensity in the crypto market.

Bitcoins drop below $57,000 on June 4 has led to massive liquidations across the crypto market.

Data from CoinGlass shows that over the last 24 hours, $98.04 million worth of long Bitcoin positions have been liquidated, compared to $22.6 million worth of short liquidations.

Approximately $333.1 million of leveraged long crypto positions were liquidated in the 24 hours against $50.52 million short positions.

Despite the bearish price action across the entire crypto sector being led by Bitcoin, analysts are still optimistic about BTCs potential recovery to higher levels.

Bitcoin bouncing back up, now back above the 200-day EMA, Bitcoin analyst Jelle wrote a June 4 post on X.

The analysts sentiments appear to have been informed by Bitcoins drop below the 200-day exponential moving average (EMA) during the early Asian trading session on June 4, as earlier reported by Cointelegraph.

The trader explained that if Bitcoin price produces a daily candlestick close above this level, were looking at a successful sweep of the lows, followed by a retest of the 200-day EMA and a potential bullish divergence from the daily relative strength index (RSI).

Fellow analyst Skew shared the following chart on July 4: The Bitcoin price is retesting the 200D MA for the first time since October 2023, before the approval of spot Bitcoin ETFs.

According to the analyst, the latest drop seen in the price of the pioneer cryptocurrency has been fueled by trend rejection and reversal around $64,000.

At the time of publication, the Bitcoin price had coiled back above the 200-day EMA, currently at $58,256.

Rekt Capital said that Bitcoins current 22% pullback has lasted approximately 45 days and is an above-average pullback.

Meanwhile, pseudonymous analyst Yoddha simply said that the local bottom is in for the price of the flagship cryptocurrency.

Moustache shared similar sentiments, explaining that a retest of the 200-day EMA has always marked a bottom range over the last 18 months.

Related: Bitcoin will crash to $50K, 10x Research warns

In a different post, the analyst shared the following chart, explaining that the current correction is just a healthy pull-back setting up BTC from a massive breakout on the upside after completing the Wyckoff method reaccumulation method.

Daan Crypto Trades noticed more than $200 million in longs and has just entered its position on Bitcoins move back above the 200-day SMA.

CoinGlass data indicates that $57,615 is a significant area of 12-hour bid liquidity just below the spot price, with about $24.61 million in buy orders.

This area could provide the demand pressure required to pull Bitcoin out of the extended downtrend.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Continued here:

Bitcoin traders express optimism even as BTC price targets shift lower - Cointelegraph

Fri 05 Jul 2024 3 min of reading by Luc Jose A.

A shockwave has shaken the world of crypto. In a matter of hours, Bitcoin plummeted by 8%, Ethereum tumbled by over 10%, and millions of dollars in long positions were liquidated. As traders try to understand the reasons behind this sudden downfall, concerns are growing over the significant movements of funds related to Mt. Gox, the defunct exchange platform.

The crypto market was hit by a wave of $580 million in liquidations, a direct consequence of an 8% drop in Bitcoin and similar declines for Ethereum, Solana, and Dogecoin. Long transactions on BTC and Eth saw losses exceeding $380 million, with the largest single liquidation observed on Binance, where an Ethereum transaction worth $18.4 million was forcibly closed.

These massive liquidations result from highly leveraged positions that traders could not maintain in the face of sudden price drops. Data from Coinalyze shows that this situation led to one of the largest waves of liquidations of the year. Moreover, open interest, which measures the number of unsettled bets on futures contracts, fell by 12%, signaling a capital outflow from the market. This increased volatility reflects a sense of panic among investors, exacerbated by external factors such as the movements of funds related to Mt. Gox and government decisions influencing the market.

Market dynamics, regulatory developments, and macroeconomic factors all play critical roles in Bitcoins price movements. Staying informed and agile is key for those involved in the market.

In anticipation of repayments to creditors, Mt. Gox transferred more than $2.7 billion in bitcoins to a new address. This move has sparked fears of increased selling pressure, amplifying the price drops.

At the same time, the German governments decision to liquidate a portion of its bitcoin holdings added a layer of uncertainty to the markets. Traders, already nervous about macroeconomic uncertainties and the upcoming U.S. presidential elections, reacted by massively selling their positions. This massive liquidation caused significant losses for overleveraged positions, particularly on platforms like Binance, where an Ethereum/USDT transaction of nearly $19 million was liquidated.

This increased volatility and price drops have generated a sense of fear among investors, with the fear and greed index plunging to alarming levels. The outlook for the market remains uncertain in the short term, with analysts anticipating a challenging third quarter, marked by increased investor caution and persistent volatility.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Diplm de Sciences Po Toulouse et titulaire d'une certification consultant blockchain dlivre par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'conomie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet cosystme en constante volution. Mon objectif est de permettre chacun de mieux comprendre la blockchain et de saisir les opportunits qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualit, de dcrypter les tendances du march, de relayer les dernires innovations technologiques et de mettre en perspective les enjeux conomiques et socitaux de cette rvolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Panic in the Crypto Market: Bitcoin and Ethereum are Collapsing... - Cointribune EN

A crypto wallet linked to the German government transferred more than 3,000 Bitcoinworth over $172 million in parts to three crypto exchanges and a wallet.

On July 4, blockchain investigator PeckShieldAlert highlighted a significant outbound transfer of 1,300 Bitcoin (BTC)from a German Government (BKA) labeled cryptocurrency wallet. The $75 million worth of Bitcoin transfers was spread across three prominent crypto exchanges: Coinbase, Kraken and Bitstamp.

Further investigation from Cointelegraph revealed that the German government wallet concurrently transferred another 1,700 BTC to a separate wallet address. Speaking to Cointelegraph, the PeckShield team later confirmed that the wallet transferred 3,000 BTC:

While the initial 1,300 BTC were moved to centralized crypto exchanges, the remaining 1,700 were transferred to a separate crypto wallet,according to data from the onchain analytics platform Arkham Intelligence.

The German government has transferred more than 3,000 BTC to multiple exchanges over the last two weeks as well.

The ongoing whale transfers from the German and the United States governments, coupled with the nearing of Mt. Gox repayments, threaten to introduce greater selling pressure on Bitcoin.

Related: UK voters call for candidates to consider crypto as election looms

Since February 2024, the German government-labeled wallet has held 50,000 BTC and has transferred away a major chunk of its holdings over the past few months.

Germany, as well as governments worldwide, haveconfiscated Bitcoin and other digital assets linked to criminal activities, and they hold occasional auctions to sell their confiscated crypto holdings.

The United States government has already sold a significant chunk of the Bitcoin linked to the infamous dark web marketplace Silk Road. Tim Draper, an American businessman and Bitcoin advocate, bought 29,656 BTC from the Silk Road haul in 2014 at an auction organized by U.S. marshals.

Magazine: Could a financial crisis end cryptos bull run?

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German gov't transfers $172M in Bitcoin to multiple locations - Cointelegraph

Update July 5, 5:41am UTC: This article has been updated to include data concerning the subsequent transfers to Bitbank.

The collapsed Japanese crypto exchange Mt. Gox has transferred 47,229 Bitcoin worth $2.71 billion at current prices to a new wallet address in its first major transaction since May.

According to blockchain analytics platform Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 from cold storage.

The movement comes amid the exchanges scheduled plan to repay creditors in July. A total of $8.5 billion worth of Bitcoin is slated to be paid back to creditors.

At 4:15 am UTC on July 5, Mt. Gox moved1,545 BTC to the hot wallet of an exchange called Bitbank, one of the crypto exchanges supporting the repayment process.

Mt. Gox informed creditors that it had completed all the necessary steps to start begin issuing repayments in July, according to a June 24 statement from Mt. Gox trustee Nobuaki Kobayashi.

Several market commentators voiced concerns over the sheer volume of Bitcoin that could hit the market following Mt. Gox creditors selling their holdings, which have been inaccessible for more than 10 years.

However, other analysts worked to allay fears of a massive sell-off, saying the total amount of Bitcoin that stands to be dumped on the market is probably closer to a value of around $4.5 billion.

Related:German MP urges government to stop hasty Bitcoin sell-off

Galaxy Digitals head of research, Alex Thorn, suggested that many Mt. Gox Bitcoin holders might be more diamond-handed" than anticipated. He highlighted the potential adverse impact of capital gains taxes for those who wished to sell all their BTC at once.

On May 28, Mt. Gox transferred nearly $7.3 billion worth of Bitcoin to another unknown wallet address, and the price of Bitcoin dipped as much as 2% afterward.

The price of Bitcoin fell sharply on July 4 before tumbling lower in the following hours. It is currently changing hands for $57,226, per TradingView data.

The price of Bitcoin is down 6.9% on the week but has posted year-to-date gains of 35.6%.

Magazine:68% of Runes are in the red Are they really an upgrade for Bitcoin?

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Mt. Gox moves $2.7B in Bitcoin to new wallet address - Cointelegraph

Mt. Gox, the collapsed crypto exchange, has begun repaying its debts in Bitcoin and Bitcoin Cash.

Repayments are being made to some rehabilitation creditors via designated crypto exchanges per its rehabilitation plan.

According to an X post by the MtGoxBalanceBot account, the total Bitcoin (BTC) balance on all known addresses of the Mt. Gox Trustee is 94,457 BTC, with 47,288 BTC being moved from these addresses since.

Related: Bitcoin crashes to $53K, but analysts warn the worst isnt over

The repayments to the remaining rehabilitation creditors will be promptly made after multiple conditions have been met.

These conditions include confirming account validity and creditors acceptance of the intent to subscribe to the Agency Receipt Agreement by designated crypto exchanges.

In addition to assuring repayments are made safely and securely, discussions regarding repayment procedures between the Rehabilitation Trustee and the exchanges must also be completed.

Related: Mt. Gox moves $2.7B in Bitcoin to new wallet address

Mt. Gox was founded in 2010 by Jed McCaleb and was one of the largest BTC exchanges, handling 70% of global BTC transactions at its peak.McCaleb sold it to Mark Karpels in 2011.

In early 2014, the exchange suspended all BTC withdrawals, citing technical issues, but later revealed approximately 850,000 BTC was lost due to a long-standing security breach.

After filing for bankruptcy in February 2014 with liabilities far outweighing its assets, the case shifted to civil rehabilitation in 2018, and Karpels was convicted of falsifying financial records in 2019.

Related: Bitcoin will crash to $50K, 10x Research warns

According to several Reddit posts and users, BTC and Bitcoin Cash (BCH) have begun to be repaid and credited to exchanges.

The Reddit post details the email received by Mt. Gox, with MtGox Co., Ltd. as the Rehabilitation Debtor and Nobuaki Kobayashi, Attorney-at-law, as the Rehabilitation Trustee.

Magazine: Raider investors are looting DAOs Nouns and Aragon share lessons learned

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Mt. Gox begins repayments in Bitcoin and Bitcoin Cash - Cointelegraph

New developments in the crypto space led to a price correction on Friday, sending the leading cryptocurrency to a four-month low. BTC fell as low as $53,500 on the day following news that the defunct crypto exchange Mt. Gox began making repayments to creditors.

In addition, the crypto asset was also pressured as German police moved about $75 million of crypto confiscated from a piracy website onto exchanges and new data from Federal Reserves minutes, which indicated that the central bank isnt ready to cut interest rates yet.

Bitcoin later recovered and was trading near $55,700 at the time of writing.

Fridays Bitcoin price correction comes as crypto investors attention turned to the nearly $9 billion payout to users of the defunct Mt. Gox exchange.

Nobuaki Kobayashi, the trustee managing the Mt. Gox bankruptcy estate, said that repayments in Bitcoin and had commenced for some creditors through several designated crypto exchanges. However, he did not specify the exact amounts transferred to these exchanges.

Kobayashi indicated that the remaining funds would be distributed once certain conditions are met, including the validation of registered accounts and the completion of discussions between the trustee and the crypto exchanges.

He emphasized that the process aims to ensure repayments are made "safely and securely," and asked eligible rehabilitation creditors to wait for a while.

At its peak, Mt. Gox was the largest Bitcoin exchange, handling 70% of all global Bitcoin transactions. The exchange shut down in February 2014 following a massive hack, and its former CEO was later convicted in a Japanese court for tampering with records.

Despite closing its operations a decade ago, the trustee has only recently begun issuing refunds to victims, with numerous delays having stalled the rehabilitation process.

The repayment process started last year, with many creditors confirming receipt of payments via bank transfer in Japanese yen.

Further contributing to the Bitcoin price correction was the German government transferring another substantial portion of its Bitcoin reserves to exchanges after seizing the funds from a piracy website Movie2k.to.

According to blockchain data, the German Federal Criminal Police Office (BKA) moved approximately $75 million worth of BTC across multiple transactions on July 4th. These funds were distributed across exchanges such as Coinbase (NASDAQ:), Kraken, and Bitstamp.

This recent transfer follows the government's move of around $315 million in Bitcoin to various platforms since mid-June. In total, Germany has offloaded over $390 million in Bitcoin in less than a month.

Moreover, the Federal Reserve's recent release of minutes from its June meeting revealed officials' reluctance to lower interest rates until further data indicates a sustainable move toward the central banks 2% inflation target.

Higher interest rates generally reduce investor appetite for riskier assets like Bitcoin and other cryptocurrencies.

Bitcoin had surged to an all-time high of over $73,700 in March this year after the Securities and Exchange Commission approved the first U.S. spot Bitcoin exchange-traded fund (ETF).

Bitcoin price has now pulled back 27% from the recent high and is approaching the 38.2% Fibonacci retracement level. This is the first major support block, which is located just below the $52,000 handle.

A break below this level would open the door for a deeper pullback, with the zone around $48,000 acting as the next strong support level. This horizontal support block proved to be an important trading zone in the past.

On the upside, the Bitcoin price would need to return to trade above $60,000 for the bearish momentum to disappear and for the bulls to regain control.

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Bitcoin price correction: Should you be catching a falling knife? By Investing.com - Investing.com

Bitcoin crashed as low as $53,600 on Coinbase on July 5, the first time the asset has traded at this price since February, andanalysts fear the worst is yet to come.

Bitcoin (BTC)has since leveled out to trade at $54,122 at the time of publication, according to TradingView data.

Speaking to Cointelegraph, eToro market analyst Josh Gilbert said much of the sell-off could be traced back to fears stemming from Mt. Gox creditor repayments, which will see around $8 billion worth of BTC hit the market in July.

Following the sudden dip to $53,600, Gilbert said he expects to see worsening price action for Bitcoin in the coming days.

The news flow is far more bearish than bullish right now, and the selling activity were seeing is quite clearly unsettling investors, which often drives more selling, Gilbert said.

There will be weakness in the short term until we receive a catalyst to drive the price higher, and that might come in the form of investors buying the dip or an ETH ETF approval to improve sentiment, he added.

Similarly, Swyftx analyst Pav Hundal told Cointelegraph that the worst of Bitcoins price action could be yet to come.

A vast wall of Bitcoin is about to meet a market that was already apathetic. The macro conditions long-term are still positive, but short term, we could test 50k and potentially lower. $52k is a key battleground for bears and bulls at the moment, said Hundal.

Related: Bitcoin traders express optimism even as BTC price targets shift lower

Analysts from 10x Research also predicted a continued dip that could see the price of Bitcoin dip to as low as $50,000 in the coming weeks, warning that selling could accelerate as support gets broken and sellers scramble to find liquidity.

Despite the short-term bearish outlook, Gilbert said there are also reasons for investors to remain bullish on a longer-term time horizon.

On top of that, the full acceptance of an Ethereum ETF from the SEC, with a July launch date, would be a big boost for the crypto market, he added.

Magazine Bitcoin Layer 2s arent really L2s at all: Heres why that matters

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Bitcoin crashes to $53K, but analysts warn the worst isn't over - Cointelegraph

Some bitcoin miners won't survive when the upcoming halving slashes their revenue in half, but the ones that do survive will thrive, and Rosenblatt Securities says TeraWulf is its top pick in the category. The firm initiated coverage of the bitcoin miner with a buy rating and $4.20 price target Tuesday. Shares were ahead almost 3% in early trading, bringing the past month's gain to 14.2%. "WULF is our preferred way to allocate tobitcoinbelow spot prices, particularly among a not so shareholder-friendly pubco peer set," Rosenblatt analyst Andrew Bond wrote in a note, referring to publicly-traded miners. "While we expect the industry to shrink following the halving, WULF is built to last with access to industry-leading (nearly zero carbon) power cost and fleet efficiency, vertical integration through sustainable and scalable sites, and a best-in-class management teamwiththehighestlevelsofinsiderownershipinthe space," Bond added. WULF BTC.CM= 1Y mountain TeraWulf (WULF) YTD "WULF's cost to produce a bitcoin is industry best which has led to outsized gross margins well above its peers that trade at higher multiples," Bond said. Mining stocks like TeraWulf offer amplified exposure to the bitcoin price, with enhanced returns during bull cycles but increased volatility in bear markets. TeraWulf's estimated cost to mine a bitcoin this year is about $25,000 ahead of the halving and $37,000 after. Bitcoin is currently trading at about $70,500, according to Coin Metrics. The price of bitcoin is one of the biggest considerations for companies that mine the cryptocurrency, since miners earn 6.25 bitcoins for each block of transactions they mine. This reward will be halved in the coming weeks, as mandated by the Bitcoin code. Miners have been hard at work to enhance their fleet efficiency and lower their operating costs largely power costs. Bond said Maryland-based TeraWulf has quadrupled its self-mining capacity from early 2023 levels and that it has a fixed power cost of $0.02/kWh over the next five years lower than the U.S. industrial average of nearly $0.08/kWh and the majority of other miners, whose costs are in excess of $0.04/kWh. The analyst also attributed the company's discounted valuation to a misunderstanding of its debt structure, and its stock liquidity, which has been hampered by a lack of dilution compared to peers. Bond said TeraWulf is positioned to pay down its debt by the second half of the year. "Liquidity follows price, which we believe will move meaningfully higher after the halving as WULF is likely to be one of the only miners that can generate positive" free cash flow, Bond said. CNBC's Michael Bloom contributed reporting.

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Buy this bitcoin miner that will distinguish itself from rivals after the halving, Rosenblatt says - CNBC

The price of the largest cryptocurrency by market cap nosedived almost 7% to near $54,000 over the past 24 hours, according to data from CoinGecko.

Ether also dropped around 10% to around $2,850, swinging below $3,000 for the first time since mid-May.

The collapse of the two biggest cryptocurrencies by market cap pushed the total value of the cryptocurrency market down almost 9% to $2.08 trillion.

The market downturn comes as Mt. Gox, an early crypto exchange that collapsed more than a decade ago, finally began to repay customers after a protracted bankruptcy process, per a notice on its website, which is currently delivering a page-not-found error.

In total, Mt. Gox creditors expect to receive $9.2 billion in Bitcoin.

The market expects most Mt. Gox users dump their tokens, but we might see a bounce back if the selling is lower than anticipated, Rachel Lin, co-founder and CEO of SynFutures, a decentralised crypto derivatives exchange, told DL News.

The sudden drop in the price of Bitcoin and other cryptocurrencies extends a month of losses.

Despite the recent approval from the US Securities and Exchange Commission of spot Ethereum exchange-traded funds, the market hasnt seen the same upswing it saw after the approval of Bitcoin ETFs in January.

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Since the beginning of June, Bitcoin has fallen almost 20% from around $67,000.

Ether has also plummeted about 24% from around $3,700.

Lin says its possible that Bitcoins price may tank even further on the heels of the Mt. Gox payouts: If there is enough selling to push the price lower, we might be looking at the $50,000 level soon.

Ben Weiss is a Dubai Correspondent at DL News. Got a tip? Email him at bweiss@dlnews.com.

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Bitcoin crashes below $55000 Here's where Mt. Gox repayments may push the price - DLNews

The price of bitcoin is at its lowest level in months as bankrupt cryptocurrency exchange Mt. Gox begins the process of repaying creditors.

At one point Friday, bitcoin had fallen by about 6% but had since pared back some of those losses and was trading at $55,680 in the morning. The last time that the flagshipcryptocurrencywas that low was in February.

The downshift comes as Mt. Gox, which went bankrupt in 2014,begins staggered repayments in bitcoin and bitcoin cash tokens. The creditors will receive some $7.6 billion worth of bitcoin, according to Forbes. About $2.71 billion worth of bitcoin was moved to a new wallet Thursday night, driving concern that the creditors might try to liquidate some of the returned assets, driving down prices.

At one point, the total cryptocurrency market had lost some $170 billion in market capitalization in a 24-hour period, according to CoinGecko.

Bitcoin reached its all-time high in March when it punched in at over $73,700. However, bitcoin has fallen more than 21% in the last month and more than 11% in the past week alone.

Still, it is worth noting that bitcoins price is up 26% since the start of 2024 and a whopping 83% over the past 12 months great returns for investors.

This year was historic for the cryptocurrency world because a bitcoin halving event occurred, which only happens every four years.

Halving is part of bitcoins complicated design. To mine for bitcoin, high-powered computers are used to verify virtual coin transactions. Bitcoin operates on what is known as a blockchain, essentially a public ledger, that contains the history of every transaction. The miners computers solve complicated math problems to add new blocks to the chain and are, in turn, rewarded with the digital token, making the endeavor profitable.

But about every four years, the block rewards for bitcoin miners get slashed in half, reducing the supply of new bitcoins by 50%. That makes the product a scarcer commodity and tends to raise its price in the following months.

The last halving occurred in May 2020. At the time, the cryptocurrency was priced at about $9,500. By the end of 2020, the price had risen to over $32,000, marking enormous 236% returns.

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Bitcoin has also gotten far more institutional exposure in recent months.

The Securities and Exchange Commissionsdecisionin January to allow bitcoin exchange-traded funds in the market was groundbreaking for the industry. Some experts and investors saw the decision as a watershed moment for the crypto market and only see the nascent space as growing from here.

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Bitcoin falls to lowest level since February - Washington Examiner

With only 10 days left until the much-awaitedhalving, Bitcoin is still trading above the $70,000 psychological level, bolstering bullish long-term price predictions from market analysts.

Following the halving, Bitcoin (BTC) price could appreciate over 160% to reach a cycle top of above $150,000, according to a research report by Bitfinex analysts shared with Cointelegraph.

Bitcoin fell 2.2% in the 24 hours leading up to 11:50 am UTC to trade at $70,694. The worlds first cryptocurrency is up over 7.5% on the weekly chart, according to CoinMarketCap data.

However, the analysts note that there is more built-up selling pressure than in previous cycles due to Bitcoin hitting a new all-time high before the halving for the first time in crypto history.

While this is a sign of confidence for Bitcoin bulls, it could also introduce significant selling pressure, as 1.87 million BTC, or 9.5% of the circulating supply, was bought above the $60,000 mark. The analysts noted:

However, Bitcoin prices could see a sharp decline during the halving period due to the Federal Reserves quantitative tightening, which is removing liquidity from markets.Arthur Hayes, the co-founder of BitMEX, wrote in an April 8 blog post:

Related: How high can Bitcoin go? New BTC price prediction sees cycle top at $180K

The inflows from the United States spot Bitcoin exchange-traded funds (ETFs) have been a significant part of Bitcoins price rally.

By Feb. 15, the Bitcoin ETFs accounted for about 75% of new investment in the worlds largest cryptocurrency as it surpassed the $50,000 mark, according to CryptoQuant research.

Since their launch, the Bitcoin ETFs have amassed over 841,900 BTC, worth $59.2 billion, which represents 4.28% of the Bitcoins circulating supply.

With the accumulation pattern of the past two weeks, the Bitcoin ETFs are set to absorb 2.6% of Bitcoin supply per year, according to Dune.

Bitcoin ETFs amassed over $500 million worth of net inflows last week, with a total of $286 million worth of daily net inflows on April 8, during this weeks first trading day, according to Dune data.

Related: 10 days until halving: Bitcoin mining profitability wont necessarily fall

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With 10 days to the halving, analysts predict $150K Bitcoin top - Cointelegraph