On the morning of June 5, the quotes of the first cryptocurrency fell below the $54,000 mark amid reports of movements of Mt. Gox coins.
The BTC/USDT hourly chart of the Binance exchange. Data: TradingView.At the time of writing, the price is trying to maintain this level after a slight rebound.
The trustee of the exchange that went bankrupt in 2014, Nobuyaki Kobayashi, announced plans to implement a phased refund of 137,000 BTC to the platform's customers in July.
At the beginning of the trading session, Japanese time, Arkham experts noted the transfer of 47,228.7 BTC (~$2.71 billion) from the exchange's cold storage to a new address.
BREAKING
Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet. pic.twitter.com/3ZdSlC1IX2
Kobayashi confirmed that part of the payments in Bitcoin and Bitcoin Cash have been completed. The corresponding statement was published by users in X.
Mt. Gox's 1st batch of repayments on $BTC and $BCH done ✅ pic.twitter.com/jVAFhxbEPz
— Zia ul Haque (@ImZiaulHaque) July 5, 2024During the day, Arkham noted the transfer of 1,545 BTC (~$84.9 million) from one of Arkham's cold wallets to the Bitbank exchange.
Despite the fact that the entire volume of displaced Mt. Gox bitcoins is approximately 0.24% of the total coin supply, the market reacted nervously.
Market sentiment is deteriorating
The fear and greed index dropped to 29, indicating an increase in panic in the market.
Data: Alternative.Trader Alex Krueger noted that bitcoin sales by the German and US authorities are also putting pressure on the price. However, he suggested that FTX creditors will soon enter the market as buyers, the volume of payments in fiat to which may amount to $ 14-16 billion.
Mt Gox selling. Germany selling. US selling. But FTX creditors will be buyers. Soon. pic.twitter.com/RAyWS1JC7N
— Alex Krüger (@krugermacro) June 30, 2024eToro market analyst Josh Gilbert, in an interview with Cointelegraph, linked the decline in the price of the first cryptocurrency at the beginning of the month with the repayment of Mt. Gox obligations. After today's drop to the level of $52,600, he expects the dynamics to worsen in the coming days amid a stream of bearish news.
"It won't surprise me if the asset tests $50,000 over the next week, but it will be a key physiological level," he said.
The weakness of the market in the short term will be observed until the appearance of a bullish catalyst, which may be the purchase of cryptocurrencies "on the decline" or the approval of Ethereum-ETF, the expert believes.
Swyftx analyst Pav Hundal is also confident that the worst is yet to come for the price of digital gold.
"A huge volume of bitcoins is about to enter the market, which is already apathetic. Macroeconomic conditions in the long term are still positive, but in the short term we can test $50,000, and potentially lower," he said.
According to Hundal, the $52,000 mark acts as a key "battleground between bulls and bears."
10x Research also believes that a deterioration in market sentiment can push the exchange rate to $50,000.
Recall that Standard Chartered predicted a new bitcoin high in August.
Earlier, CryptoQuant announced the completion of the formation of prerequisites for the resumption of the rally in the third quarter.