This morning, the Mt.Gox exchange's staggering transfer shocked the market: 47,228 BTC (worth up to $2.7 billion) was transferred from a cold wallet to a mysterious address (starting with 1L7Xb…).
A piece of good news turned out to be false, triggering a huge shock in the cryptocurrency market.
On the afternoon of July 4th, Beijing time, Bitcoin suddenly experienced a major plunge, and other currencies such as Ethereum, Binance Coin, and Dogecoin followed suit.
This flash crash was mainly due to the failure of the "Ethereum spot ETF will officially start trading on July 4th" news that was rumored in the market. In addition, the latest meeting minutes released by the Federal Reserve reiterated a wait-and-see stance, indicating the need for more information to gain confidence in interest rate cuts.
As of the time of writing, the price of Bitcoin continued to fluctuate, temporarily at $56,919.82 per coin, with a 24-hour decline of 5.7%.
Cryptocurrency market reshuffle! "When the going gets tough, the tough get going," will this be proven true again?
Breaking news! On Thursday, the Mt. Gox trustee transferred 47,228.73 BTC (worth approximately $2.7 billion) to a mysterious address. This staggering transfer increased Mt. Gox's total holdings to 141,687 BTC, worth nearly $8.1 billion. After multiple test transfers on July 4th, the trustee announced that the distribution would begin in July, but the specific date remains a mystery. This new wallet now ranks 19th in the world's largest BTC wallets, causing a sensation in the market!
Bitcoin market continues to decline
The Bitcoin market has been continuously plummeting recently, causing panic in the market! The German government's massive sell-off, Mt.Gox's massive repayments, and the sharp decrease in spot ETF fund inflows have all contributed to the market's decline. Around 8:30 am today, according to Arkham tracking data, Mt.Gox transferred a staggering 47,228 bitcoins (approximately $2.7 billion) from a cold wallet to a wallet starting with (1L7Xb…), possibly in preparation for a massive repayment! Does this indicate that the market is about to face an even bigger storm?
Affected by this breaking news, Bitcoin plummeted to $56,680 at the same time, almost touching the low of $56,552 set on May 1st! At the time of writing, Bitcoin has rebounded slightly to $57,298, but has already plummeted by 4.89% in the past 24 hours. The market is filled with rumors, and investors are anxious. Does this indicate that even greater volatility is on the horizon?
Ethereum briefly fell below $3,050
Ethereum plummeted to below $3,050 today, with its fluctuations more intense than Bitcoin's. Although it briefly touched a low of $3,039 earlier, it quickly rebounded to $3,089 at the time of writing, with a 24-hour decline of up to 5.43%.
Over $510 million in liquidations in the past 24 hours
In the intense market of repeated Bitcoin washouts, according to Coinglass data, the global cryptocurrency market saw a surge in liquidations to over $510 million in the past 24 hours, more than double that of yesterday, affecting over 188,000 people.
Where is the next support level?
As Bitcoin continues to plummet, technical analyst Dom's Crypto warned last night on X that the crucial 200-day moving average support ($58,484) has been completely destroyed! The next anticipated support level is at an astonishing $56,700. With BTC in a severe oversold state, if the closing price today can surpass this crucial support, there may be a rare "bullish divergence," reigniting market attention on $60,500.
Another renowned analyst, Tuna KAYA, warned that Bitcoin's current support level has dropped to an astonishing $56,500. If this key level cannot hold, Bitcoin may directly plunge into the perilous zone of $50,000 to $52,000! However, if $56,500 can firmly support, it will form a rare double bottom pattern, attracting new buyers into the market and injecting strong momentum into a new upward trend.
The German government still holds over 40,000 bitcoins, worth over $23 billion, these numbers are enough to shock the market! Meanwhile, the expected distribution of Mt. Gox bitcoins is underway. In order to prevent the Bitcoin market from being impacted by large-scale sell-offs, Tron founder Justin Sun proposed to privately purchase the remaining bitcoins from the German government. This move aims to stabilize market sentiment and avoid negative impacts on the cryptocurrency market.
Germany continues to sell off bitcoins
The German government's sale of $175 million worth of bitcoins has caused a stir in the market! The latest data shows that in just the past two hours, they have rapidly transferred 1,300 BTC (worth $76 million) to well-known trading platforms such as Kraken, Bitstamp, and Coinbase. In addition, another 1,700 BTC (worth $99 million) has been transferred to the 139Po address, possibly indicating that these funds have entered institutional services or the off-exchange trading market. It is reported that the German government still controls over 40,359 BTC (worth $23 billion) in its addresses.
The Bitcoin market is in turmoil! The German government's massive sell-off, the uncertain distribution plan of Mt. Gox, and the market's continuous fluctuations. In the past 24 hours, BTC has plummeted by 4%, and over the past week, the decline has exceeded 6%, briefly falling below the $57,000 mark. According to Arkham Intelligence, dust transfers or tests are currently taking place in the Mt. Gox wallet, and the distribution date has not been finalized. In response to this situation, Tron founder Justin Sun boldly announced his willingness to privately negotiate with the German government to purchase all of its remaining bitcoins, aiming to reduce market volatility.
Speculators are carefully studying the technical charts of Bitcoin, and the token's closing price is slightly below the six-month moving average price. According to data compiled by Bloomberg, if history is any guide, this breakthrough indicates further declines.
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