News
Crash Below $50K? Bitcoin Suddenly Braces for Another $9 Billion ‘Crucial’ Earthquake After Ethereum, XRP, Solana and Crypto Prices Crash by $2 Trillion
Bitcoin
Bitcoin
Bitcoin has plummeted towards $50,000, nosediving after Federal Reserve Chairman Jerome Powell warned of a “critical period.”
The price of bitcoin has lost about 25% in the last month, with bitcoin, ethereum and XRP combined
Exchange rate risk
solana and the cryptocurrency market are approaching the $2 trillion market cap for the first time since early February, down from nearly $3 trillion in March.
Now, after a legendary tech billionaire said he thinks bitcoin could replace the U.S. dollarThe Mt. Gox bitcoin exchange crash has begun to shift what could be a wave of bitcoin.
Sign up for free CryptoCodex now—A five-minute daily newsletter for traders, investors and cryptocurrency curious that will keep you updated and abreast of the bull run in the bitcoin and cryptocurrency market
Cryptocurrency traders brace for another price shock for Bitcoin, Ethereum, XRP, and Solana.
Getty Images
“On July 5, 2024, the [Mt. Gox] the rehabilitation trustee has made refunds in bitcoin and bitcoin cash to certain of the rehabilitation creditors through a portion of the designated cryptocurrency exchanges etc. in accordance with the rehabilitation plan,” a letter addressed to “whom it may concern” said that it was published to the Mt. Gox website.
Shortly after its publication, the document became unavailable, but it was not immediately clear why.
Previously, bitcoin and cryptocurrency analysts with Arkham
The Arkham
Intelligence agencies said they saw nearly 50,000 bitcoins, worth about $2.7 billion, controlled by Mt. Gox, transferred to a different wallet, in what could be a sign that the cryptocurrency could soon be distributed to creditors.
“If another 200,000 bitcoins, worth over $10 billion, were to hit the markets in a short amount of time, supply would likely outstrip demand and we could see the price of bitcoin fall further,” Neil Roarty, an analyst at investment platform Stocklytics, said in emailed comments.
In late June, Mt. Gox trustees announced that the exchange, which collapsed 10 years ago, would begin distributing nearly $10 billion in bitcoin, bitcoin cash, and fiat currency to its creditors starting in early July.
Sign up now for Cryptocode—A free daily newsletter for cryptocurrency lovers
The price of bitcoin has plummeted from its recent high of over $70,000 per bitcoin and now it looks like… [+] risk of a collapse below $50,000, with negative consequences for Ethereum, XRP, Solana and other cryptocurrencies.
Forbes Digital Assets
“The direction of bitcoin in the coming days will be determined by selling pressure from Mt. Gox users,” Rachel Lin, CEO of decentralized exchange SynFutures, said in emailed comments.
“The market expects most Mt. Gox users to sell their tokens, but we could see a rebound if the sales are less than expected. On the other hand, if there is enough selling to push the price lower, we could soon reach the $50,000 level.”
Lin warned that the “crucial levels” for bitcoin and ethereum were $60,000 and $3,350, respectively, both of which have now been “strongly” breached.
“As expected, bitcoin’s decline dragged down all other assets,” Lin said. “Ethereum fell nearly 9% on the week, and most memecoins fell 10% to 20%.