Bitcoin, Ethereum, Dogecoin Struggle As Mt Gox Repayments Begin: Crypto Analyst Says BTC 'Could Drop To $47,000 From Here'

Author: Khyathi Dalal | July 05, 2024 04:43pm

The global cryptocurrency markets are trading lower, Friday, amid Mt Gox repayments, Germany transferring Bitcoin and a spike in short liquidations.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$56,499	-3%
Ethereum (CRYPTO: ETH)	$2,984.6	-4.9%
Solana (CRYPTO: SOL)	$134.7	+0.9%
Dogecoin (CRYPTO: DOGE)	$0.1041	+-3.2%
Shiba Inu (CRYPTO: SHIB)	$0.00001457	-3.9%

Notable Statistics:

• IntoTheBlock data noted Bitcoin reflecting strength in key metrics, with 14.8% growth in large transaction volumes and a 259.7% surge in exchange netflows. Transactions greater than $100,000 also increased in a single day.
• Coinglass data pointed to short liquidations at their highest level ($132 million) since May 20. In the past 24 hours, 206,505 traders were liquidated, the total crypto liquidations stood at $582.02 million.
• Whale Alert data indicated that a dormant address that has 20 BTC, worth $1.1 million, just got activated after 11.1 years.

Notable Developments:

Mt. Gox Begins Repaying Creditors After Decade-Long Wait

Crypto Billionaire Justin Sun Offers To Buy Bitcoin Off-Market From German Government To Minimize Price Impact, Lawmaker Slams Authorities For Selling

Bitcoin Bull Mike Novogratz Brings Up Reagan Amid Question Mark Hanging Over Biden’s Candidacy: ‘Power Is A Strange Drug’

Amid Bitcoin Crash, Peter Schiff Forecasts Prolonged Bear Market: ‘Don’t Say I Didn’t Warn You HODLers’

Top Losers:

Cryptocurrency	Price	Gains +/–
Core (CRYPTO: CORE)	$0.8809	-16.5%
ORDI (CRYPTO: ORDI)	$27.89	-14.3%
Arbitrum (CRYPTO: ARB)	$0.6221	-12.3%

I would be surprised if we moved much lower than this region before a bounce.

52k was my target for this break, and we tagged 53s.

Made a lot of money shorting the last 2 days and feel kind of high from it while also having no exposure, sitting at 4% off trading account ATHs.… pic.twitter.com/lXrdRVW746

— HORSE (@TheFlowHorse) July 5, 2024

Cryptoquant founder & CEO Ki Young Ju says the government-seized Bitcoin being sold is overestimated and suggests not letting this ruin trades.

In another tweet, Young Ju predicted that the bull cycle will continue early next year. He added, "For those trading in spot, it would be wise to DCA while keeping in mind that it could drop to $47,000 from here."

Read Next:

• Bitcoin Down 7% In 7 Days, Led By Second-Largest Liquidation Event: Trader Points To ‘Demand Wall’ At $47,000

Photo: Shutterstock

Posted In: $ARB $BTC $CORE $DOGE $ETH $JASMY $ORDI $SHIB $SOL $UNI