{"id":14980,"date":"2024-07-05T13:53:38","date_gmt":"2024-07-05T10:53:38","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-dips-below-54000-amid-mt-gox-movements-experts-warn-of-further-decline\/"},"modified":"2024-07-05T13:53:38","modified_gmt":"2024-07-05T10:53:38","slug":"bitcoin-dips-below-54000-amid-mt-gox-movements-experts-warn-of-further-decline","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-dips-below-54000-amid-mt-gox-movements-experts-warn-of-further-decline\/","title":{"rendered":"Bitcoin Dips Below $54,000 Amid Mt. Gox Movements, Experts Warn of Further Decline"},"content":{"rendered":"<p>On the morning of July 5, the price of the leading cryptocurrency fell below $54,000 following reports of Mt. Gox coin movements.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"617\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-05_10-37-45-1024x617.png\" alt=\"BTCUSDT_2024-07-05_10-37-45\" class=\"wp-image-236350\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-05_10-37-45-1024x617.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-05_10-37-45-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-05_10-37-45-768x463.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTCUSDT_2024-07-05_10-37-45.png 1327w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart of BTC\/USDT on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/?exchange=BINANCE\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>At the time of writing, the price is attempting to hold this level after a slight rebound.<\/p>\n<p>Nobuaki Kobayashi, the trustee of the bankrupt exchange from 2014, announced plans for a phased reimbursement of 137,000 BTC to the platform&#8217;s clients in July.<\/p>\n<p>At the start of the trading session in Japan, Arkham experts noted the transfer of 47,228.7 BTC (~$2.71 billion) from the exchange&#8217;s cold storage to a new address.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">BREAKING<\/p>\n<p>Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet. <a href=\"https:\/\/t.co\/3ZdSlC1IX2\">pic.twitter.com\/3ZdSlC1IX2<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1809023951932162227?ref_src=twsrc%5Etfw\">July 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Kobayashi confirmed that part of the payments in Bitcoin and Bitcoin Cash has been completed. Users posted the relevant statement on X.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Mt. Gox&#8217;s 1st batch of repayments on <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24BCH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BCH<\/a> done \u2705 <a href=\"https:\/\/t.co\/jVAFhxbEPz\">pic.twitter.com\/jVAFhxbEPz<\/a><\/p>\n<p>\u2014 Zia ul Haque (@ImZiaulHaque) <a href=\"https:\/\/twitter.com\/ImZiaulHaque\/status\/1809115335405998117?ref_src=twsrc%5Etfw\">July 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>During the day, Arkham noted the transfer of 1,545 BTC (~$84.9 million) from one of Mt. Gox&#8217;s cold wallets <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/address\/1PKGGMh5cGYMMJq32aVY8gfCzsmUiszwzV\">to the Bitbank exchange<\/a>. <\/p>\n<p>Although the total amount of Bitcoin moved by Mt. Gox is approximately 0.24% of the total coin supply, the market reacted nervously.<\/p>\n<h2 class=\"wp-block-heading\">Market Sentiment Deteriorates<\/h2>\n<p>The Fear and Greed Index dropped <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">to 29<\/a>, indicating growing panic in the market. <\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Crypto-Fear-Greed-Index-Bitcoin-Sentiment-Alternative.me-Google-Chrome.webp\" alt=\"Crypto-Fear-Greed-Index-Bitcoin-Sentiment-Alternative.me-Google-Chrome\" class=\"wp-image-236351\"\/><figcaption class=\"wp-element-caption\">Data: Alternative.<\/figcaption><\/figure>\n<p>Trader Alex Kr\u00fcger noted that Bitcoin sales by the German and US authorities are also putting pressure on the price. However, he suggested that FTX creditors, who may receive $14-16 billion in fiat, will soon enter the market as buyers.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Mt Gox selling. Germany selling. US selling. But FTX creditors will be buyers. Soon. <a href=\"https:\/\/t.co\/RAyWS1JC7N\">pic.twitter.com\/RAyWS1JC7N<\/a><\/p>\n<p>\u2014 Alex Kr\u00fcger (@krugermacro) <a href=\"https:\/\/twitter.com\/krugermacro\/status\/1807521968255844635?ref_src=twsrc%5Etfw\">June 30, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>eToro market analyst Josh Gilbert, in an interview with <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-crash-53k-analysts-warn-worst-yet-to-come\">Cointelegraph<\/a>, linked the early-month price drop of the leading cryptocurrency to Mt. Gox&#8217;s debt repayments. Following today&#8217;s dip to $52,600, he expects a worsening trend in the coming days amid a flow of bearish news.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI wouldn&#8217;t be surprised if the asset tests $50,000 within the next week, but that will be a key psychological level,\u201d he stated.<\/p>\n<\/blockquote>\n<p>The market&#8217;s short-term weakness will persist until a bullish catalyst emerges, which could be a buying spree during the dip or the approval of an Ethereum ETF, the expert believes.<\/p>\n<p>Swyftx analyst Pav Hundal also believes the worst is yet to come for the digital gold&#8217;s price.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cA huge volume of Bitcoin is about to hit an already apathetic market. Long-term macroeconomic conditions remain positive, but in the short term, we might test $50,000, or potentially lower,\u201d he noted.<\/p>\n<\/blockquote>\n<p>According to Hundal, the $52,000 mark serves as a key \u201cbattleground between bulls and bears.\u201d<\/p>\n<p>10x Research also believes that worsening market sentiment could push the rate down to $50,000.<\/p>\n<p>Standard Chartered has forecast a new Bitcoin peak in August.<\/p>\n<p>CryptoQuant previously stated that the prerequisites for a rally resumption in the third quarter have been completed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the morning of July 5, the price of the leading cryptocurrency fell below $54,000 following reports of Mt. Gox coin movements. Hourly chart of BTC\/USDT on Binance. Data: TradingView. At the time of writing, the price is attempting to hold this level after a slight rebound. Nobuaki Kobayashi, the trustee of the bankrupt exchange [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1145],"class_list":["post-14980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=14980"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14980\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14979"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}