Altcoins
Crypto Bloodbath: Bitcoin, Altcoins Crash, Mt. Gox Begins Refunds, German Govt Continues Selling: Weekly Crypto Roundup
What a week it’s been…
Cryptocurrency markets have finally taken a negative turn, but they have not been free from moments. The bottom line is that the total capitalization has lost a whopping $200 billion, or more or less 10% in the last seven days alone.
This comes on the back of significant losses from Bitcoin, but especially from altcoins. In fact, BTC dominance, a metric that measures its share relative to the rest of the market, has increased by about 0.3% over the past week, outlining the broader failure of altcoins as a whole.
That said, BTC price has plummeted by a whopping 9%, falling to a low below $54K, a point we haven’t seen in many months. But what’s interesting is that it all started off incredibly well, as the leading cryptocurrency hit an intraweek high of nearly $64K on July 1st. From there, however, it was all downhill.
The bears seized the opportunity and completely dominated the market, bringing it to current levels.
But if you think this is a bad thing, you should take a look at some altcoins.
Ethereum is down 14%, currently trading below the important $3K level. BNB has plummeted by a whopping 14.4%, trading below the $500 level. Major altcoins such as ADA, SOL, XRP, AVAX, etc. are seeing declines in the 8% to 15% range. Meme coins have also plummeted, with DOGE plummeting by 20%, SHIB losing 19%, etc.
You may be wondering what the reason for this blood is.
Well, first of all, Mt. Gox, the defunct cryptocurrency exchange that owes its creditors billions in BTC and BCH, sent a whopping $2.7 billion to a new address today, sparking fears of immediate selling pressure. On top of that, the German government, which was in possession of about 50,000 BTC seized years ago, has started selling and disposing of nearly 10,000 BTC in the past few days.
This, combined with broader market uncertainty, has pushed the entire sector lower, leading many to wonder if there is a bottom somewhere.
Well, now prices are slightly picking up again and many experts, including Adam Back, see this as an opportunity that will pay off in the coming years.
We have yet to see how the next few weeks will play out, but if there is one thing that is certain, it is that the cryptocurrency markets are starting to heat up again!
Market data
Market Cap: $2,146T | 24H Vol: $155B | BTC Dominance: 51.2%
BTC: $55,798 (-8.9%) | ETH: $2,962 (-13.9%) | BNB: $492 (-14.4%)
This Week’s Cryptocurrency Headlines You Shouldn’t Miss
Bitcoin Price Crashes Below $54,000 as Mt. Gox Transfers $2.7 Billion in BTC to New Address In a terrible turn of events, the price of Bitcoin was unable to maintain its bullish momentum from earlier in the week and collapsed completely. fallen below $54,000 today as Mt. Gox sent $2.7 billion in BTC to a new address.
More Details on Mt. Gox Bitcoin Refunds: What Next? The Mt. Gox fiasco is finally coming to an end, as the defunct exchange is already distributed part of the funds to its creditors. It has done so in Bitcoin and Bitcoin Cash, but there is still a long way to go. The hope is to have it all completed by October of this year.
Better than the Rest: Bitcoin Is the Best Investment So Far in 2024 (Report). In weeks like these, it’s important to broaden your gaze and see the bigger picture. Second According to a recent report, both Bitcoin and Ethereum remain the best investments so far in 2024, even compared to many TradFi assets.
Bitcoin Miners Giving Up As Bitcoin Drops Below $60K? The price of Bitcoin is trading well below the $60,000 mark at the end of this week, and there are already some signs that miners are capitulating. This could be interpreted as a glimmer of hope amid the ongoing cryptocurrency bloodbath.
Here’s the key to reviving the Bitcoin bull market: analyst. While prices may be falling, some analysts are taking a closer look at potential catalysts for a much-needed recovery. Second For CryptoQuant, the liquidity of stablecoins is a key factor to keep in mind.
KuCoin introduces 7.5% fee for Nigerian users. KuCoin has come up with a announcement this week, saying it will impose a 7.5% tax on transaction fees for all trades executed on the platform for its Nigerian users.
Graphs
This week, we have a graphical analysis of Ethereum, Ripple, Binance Coin, Dogecoin and Polkadot – Click here for full price analysis.
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