Dear Friends,

What a nosedive that we are witnessing in the cryptomarket today?!

Currently the global crypto market is valued at $2.12 Trillion, a 4.63% decreased from yesterday. 

The global crypto leaders BTC currently trades at $57,625.60 which is down by 4.37% in the past 24 hours. 

ETH also plummeted to the same level of BTC and it has also down by 3.95% and currently it is trading at $3150.5 

BTC's major down is said to be of two major reasons:

1. Mt Gox's wallet movement to prepare itself to pay off  $9.4 billion worth of Bitcoin to its customers who have been waiting to receive from 2024.

2. The reported crypto wallet transfer from the German Federal Criminal Police Office of about $75 million to crypto exchanges.

Mt Gox Case:

Though the repayment to its customers who have been waiting for their deposits in the Mt. Gox Exchange over 10 years, it has been known to the market. The payments in terms of BTC and BCH by Mt Gox would anticipate a sell off in the global crypto markets and the price of BTC and BCH would be attract a massive down fall.  

The depositors who have traded BTC with Mt Gox in the year 2014 in the range of $ 1500 and just explore the price movement of BTC in the 10 years. It is around 38 x ( if we take BTC as $58000) . Most of them would be selling the crypto coins when they receive in their wallets. 

In this aspect, Arkham Intelligence that offers tools for in-depth analysis of chain data has come up with few transactions of Mt. Gox wallets in the morning. It is worth about $25 worth of BTCs to three different crypto wallets. This is considered as a test transactions by Mt. Gox. 

So, it is very clear on air that the Mt. Gox investors would get their repayments in BTC and BCH by this month, as said by Mt Gox Trustee to the exchange in June 2024. 

German Federal Criminal Police Office

By earlier today, the noted Blockchain security platform PeckShield reported in X-platform that the wallets linked to the German government were moving BTC to the crypto exchanges also added the fuel to fire on the crypto movements across the markets. 

It has reported that around 1,300 coins valued at  ~ $75 million were transferred from these associated wallets to centralized exchanges to Coinbase, Kraken, and Bitstamp. Indeed this is not the first time. This is the second time, that we witnessed of the kind of transfer. On July 2, the wallet associated with the German government transferred 832.7 BTC in four transactions to the crypto exchanges.

Largely speaking when the transfers from the Crypto wallets to the crypto exchanges would be for the selling. As the volume is enormous, we may anticipate the selling of huge BTC in the market to come which created panic to everyone and contributed the massive sell-off. 

This is one of selling pressure put forth by German into the crypto markets.

Also we need to take into account that the US Government has similarly moved $240 million worth of 69000 BTCs linked to Silk Road Case to a Coinbase Prime address in April 2024. 

But the fact of the matter

But, the whales are accumulating as much as possible by using this massive sell off.

If BTC climbs down further, the immediate next support lies the range of $56600. 

ETH is also having the possibility to test $3,000 and BNB $503

But it is widely advised to accumulate as much as possible before the ETH ETF trading is come into effective in the crypto markets. 

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