Bitcoin price drops to $54k on fears of Mt Gox and German govt selling

From Investing.com: 2024-07-05 00:37:23

Bitcoin price plummeted to a four-month low due to potential distribution by Mt Gox and German police moving $75 million in confiscated crypto to exchanges, triggering fear of a mass sell-off. Bitcoin dropped 8.5% in 24 hours to $54,092.3, hitting its lowest level since March.

Mt Gox wallet activity increased concerns of imminent distribution, as liquidators announced plans to return stolen Bitcoin in early July, potentially triggering a mass sell-off. Traders speculated on selling pressure and strong profits from 2024’s gains.

Cryptocurrency prices plunged with Bitcoin, impacted by U.S. election uncertainties and interest rate concerns. Speculation of Joe Biden dropping out as Democratic candidate for 2024 raised crypto market uncertainty, amid Federal Reserve rate cut expectations.

Ethereum fell 10.5% to $2,902.42, erasing late-May gains and hitting a nearly two-month low. Other cryptocurrencies like XRP, Litecoin, and Dogecoin also dropped between 7% and 17%, reflecting declining institutional sentiment towards crypto amid low trading volumes.

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