Bitcoin's price dipped below $61,000, marking a **3.82% decline** in the past 24 hours. This drop is attributed to the looming **repayments from the Mt. Gox Bitcoin exchange**, which could impact the market significantly. **QCP Capital** predicts that the **overhang of up to 140,000 BTC** from these repayments will continue to **weigh down market sentiment**. This influx of Bitcoin could **increase selling pressure** and contribute to further price declines. Other cryptocurrencies are also seeing **negative price movements**, with Ethereum (ETH), DOT, BNB, and SOL experiencing similar drops.

"This overhang of up to 140,000 BTC should continue to weigh on markets," QCP Capital said of the impending Mt. Gox repayments.

Bitcoin Drops Below $61,000 as Mt. Gox Repayments Loom

Bitcoin experienced a significant drop, reaching a two-month low of around $57,000, following the Federal Reserve's release of minutes from its June meeting, which indicated that the central bank is not yet ready to cut interest rates. This news, coupled with the worsening macroeconomic climate and recent collapses in the crypto industry, has put pressure on bitcoin's price.  **Higher interest rates generally create a less favorable environment for riskier assets like cryptocurrencies**, as they dampen investor appetite. **Bitcoin's price has been volatile throughout 2023**, with recent pressures stemming from the upcoming distribution of bitcoins from the collapsed Mt. Gox exchange, which is expected to lead to substantial selling action. Despite these challenges, **some analysts remain optimistic about bitcoin's future**, citing historical market cycles and the upcoming halving event as potential catalysts for further price increases.  **Bitcoin bull Tom Lee believes the cryptocurrency could reach $150,000**, suggesting that the overhang from Mt. Gox's disbursement could lead to a rebound in the second half of the year.

Bitcoin on Thursday fell below the $57,000 mark for the first time since May 1, according to data from crypto ranking site CoinGecko. 

Bitcoin Drops to Two-Month Low as Fed Signals Continued Rate Hikes

Bitcoin experienced a significant drop, falling below the average realized buying price of Bitcoin ETF investors, triggering over $100 million in liquidations within 24 hours. While ETF holders have not yet panicked, concerns remain about a deeper correction. This decline follows three consecutive days of negative price action, pushing Bitcoin below its 200-day trend line for the first time in 10 months. The upcoming Mt. Gox repayments, expected in early July, could further add to selling pressure. Although some analysts believe this drop may just be a temporary shakeout, others warn of a potential revisit to the $50,000 mark due to accelerating sell orders.  The situation is further complicated by the introduction of spot Bitcoin ETFs, marking a new era in the Bitcoin cycle and adding uncertainty to its future trajectory.

Despite BTC falling below the realized price of ETF buyers, there was no panic selling by ETF holders, but a deeper correction remains on the line.

Bitcoin Drops Below ETF Buying Price, Liquidations Surge: Will There Be Panic Selling?

Bitcoin (BTC) plummeted below $58,000, marking a 5% drop in 24 hours. The decline coincides with activity in wallets associated with the defunct exchange Mt. Gox, indicating potential asset distributions and increased selling pressure. Additionally, the German Federal Criminal Police Office moved over $75 million in BTC to cryptocurrency exchanges, further fueling sell speculation. This sell-off comes as bitcoin has fallen below a crucial technical indicator, hinting at a possible downtrend in the near future. The Mt. Gox wallets, dormant for a month, conducted test transactions, moving a small amount of bitcoin to different wallets. This activity could precede larger transfers, possibly for selling purposes. Arkham, a blockchain analytics firm, revealed that the German government entity moved $175 million in BTC to various wallets, including exchanges Kraken and Coinbase, suggesting potential selling intentions. The German government's move to exchanges could create sell pressure in the market, as it creates a large supply of bitcoin ready to be sold. Bitcoin is also experiencing a downtrend as it has fallen below a crucial technical indicator, which could lead to a further drop in price. These developments have contributed to a decline in Bitcoin's price, which could lead to further price drops in the coming months.

A wallet belonging to a German official entity moved its largest stash of BTC to exchanges earlier today, while Mt. Gox wallets showed activity for the first time in a month.

Bitcoin Drops Below $58,000 Amid Mt. Gox and German Government Wallet Activity

Wallets associated with the defunct exchange Mt Gox, which is set to repay creditors in July, made two small transactions involving bitcoin. One transaction sent a small amount of funds to Bitbank, one of the five exchanges designated for making repayments to creditors. The other transaction sent funds to a new wallet. The transactions involved very small amounts of bitcoin and it is unclear whether they were test transactions for sending larger amounts. It is noteworthy that the bitcoin price has dropped over $10,000 in the last month ahead of the Mt Gox repayments. This drop could be attributed to several factors, including the recent market volatility and the uncertainty surrounding the impact of the repayments on the bitcoin market.

Wallets associated with Mt Gox made two transactions today, including a small movement of funds to an exchange designated for repayments.

Mt Gox Wallets Make Small Bitcoin Moves Ahead of Repayments - The Block

**10x Research** predicts Bitcoin (BTC) could plummet to **$50,000**, citing diminishing buying activity and escalating selling pressure. This bearish outlook follows Bitcoin's recent decline below **$60,000**, a psychological threshold. Experts attribute the drop to **drying up buy flows** and **accelerating sell flows**, a trend observed as early as June.  The report highlights the significance of Bitcoin breaking the **$60,000 support level**, potentially triggering further price drops as investors seek liquidity. This bearish trend coincides with **Mt. Gox's imminent repayment of $8.5 billion worth of BTC**, which could further fuel selling.  **Long-term holders** are also contributing to the downward pressure by cashing out significant profits, with **Spent Output Profit Ratio (SOPR)** exceeding 10, indicating BTC sold at a profit exceeding 10 times the initial purchase price.  **10x Research** recommends traders exercise **risk management** in light of the anticipated market volatility, warning against complacency.

According to 10x Research, Bitcoin might crash to $50,000. Analysts note drying buy flows and accelerating sell flows. Stay informed on BTC price trends and market sentiment shifts.

Bitcoin Plunge to $50,000? 10x Research Issues Warning

The German government recently transferred 3,000 Bitcoin (BTC), worth over $172 million, to various cryptocurrency exchanges and a separate wallet. This significant movement of funds has raised concerns about potential market impact, particularly with regards to increased selling pressure. The transfer was made from a wallet labeled "German Government (BKA)" and spread across Coinbase, Kraken, and Bitstamp exchanges. An additional 1,700 BTC was moved to an unknown wallet address.  This event follows a trend of governments worldwide confiscating and selling Bitcoin linked to criminal activities.  The United States government has previously sold a significant amount of Bitcoin obtained from the Silk Road marketplace, and the impending Mt. Gox repayments could further contribute to market volatility. These large-scale transfers highlight the potential influence governments have on the Bitcoin market, potentially impacting price fluctuations and sentiment.

The German government transferred 3,000 BTC, worth over $172 million, to exchanges and a wallet, signaling potential market impact.

German Government Transfers $172 Million in Bitcoin, Impacting Market Sentiment

The German government has continued its recent trend of selling off its Bitcoin holdings, transferring an additional $175 million worth of the cryptocurrency to various addresses, including popular exchanges like Bitstamp, Coinbase, and Kraken. This latest move follows similar transactions made by the government over the past two weeks, suggesting a potential strategy to liquidate its Bitcoin assets.  The government has now sent over $300 million worth of Bitcoin to exchanges and unidentified addresses, leaving it with approximately $2.32 billion worth of Bitcoin remaining.  The government's selling activity, along with the recent downturn in the crypto market, has caused Bitcoin's price to plummet to its lowest level since early May, dropping 5.28% in the past 24 hours.  Market analysts are closely watching the actions of both the German and U.S. governments, as well as the ongoing payout process from the defunct exchange Mt. Gox, for potential insights into the future direction of the Bitcoin market.

The German government transferred 3,000 bitcoin ($175 million) to various addresses, on-chain data shows.

Bitcoin Drops Below $61,000 as Mt. Gox Repayments Loom

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Other Latest News

Bitcoin Drops to Two-Month Low as Fed Signals Continued Rate Hikes

Bitcoin Drops Below ETF Buying Price, Liquidations Surge: Will There Be Panic Selling?

Bitcoin Drops Below $58,000 Amid Mt. Gox and German Government Wallet Activity

Mt Gox Wallets Make Small Bitcoin Moves Ahead of Repayments - The Block

Bitcoin Plunge to $50,000? 10x Research Issues Warning

German Government Transfers $172 Million in Bitcoin, Impacting Market Sentiment

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Other Latest News

Bitcoin Drops to Two-Month Low as Fed Signals Continued Rate Hikes

Bitcoin Drops Below ETF Buying Price, Liquidations Surge: Will There Be Panic Selling?

Bitcoin Drops Below $58,000 Amid Mt. Gox and German Government Wallet Activity

Mt Gox Wallets Make Small Bitcoin Moves Ahead of Repayments - The Block

Bitcoin Plunge to $50,000? 10x Research Issues Warning

German Government Transfers $172 Million in Bitcoin, Impacting Market Sentiment

German Government Sells More Bitcoin, Dumping $175 Million to Exchanges