Bitcoin price drops 17%, attributed to MT. Gox distribution and German government sales

From Investing.com: 2024-07-10 14:44:04

Bitcoin price has dropped 17% in the past month, hitting its lowest level since February 2024. Despite a 1.33% gain in the last five days, the price remains below $60,000.

Bitcoin’s recent decline is attributed to the distribution of confiscated Bitcoin from the collapsed MT. Gox exchange and large-scale sales by the German government.

Germany has sold over $390 million worth of Bitcoin since mid-June, causing market concerns and volatility. However, 40,359 Bitcoins are still in reserve.

Analysts view Germany’s Bitcoin sales as an opportunity for profit, monitoring market reactions closely for short-term volatility and strategic implications.

Market unease grows as whale transactions decrease and prominent trader Peter Brandt predicts a potential drop to $44,000, indicating a significant correction underway.

Read more at Investing.com: Bitcoin price decline continues over ‘true correction’ fears, what comes next? By Investing.com