Dear Friends, 

While we witness a wide range of selling happened in the cryptomarkets in these days, there were some unpredictable movements witnessed in the coin price movements as well.

For the 2nd time in this month, BTC was touched below $ 58000 level. It has touched $57,874 earlier in the day (July 4), the first time in this month and recorded this fall of below the $58,000 mark in more than two months. 

But currently while writing this article BTC is trading at $ 59001.67, a lower of 3.24% from yesterday. 

But $ 58000 will act as a major support for BTC. If it slips it would slip further to $55000 mark which we have already covered in our previous articles. 

With the data from Coinglass, it was also learnt that more than $64.2 million in BTC long positions have been liquidated in the last 24 hours.

The crypto market intelligent platform Santiment has come up with a tweet that the traders who bought BTC at the level of $60000, considered to be the bottom fishing, have sold aggressively their holdings as BTC slipped below $60000 mark.

The other important factor for this negativity is the news from the defunct and bankrupt Crypto exchange Mt. Gox is going to offload around $9 million worth of BTC to its creditors later in July 2024. 

For those who don't know about Mt Gox, it is a Japanese Bitcoin exchange, collapsed in February 2014.

Once its operating time, it was the largest Bitcoin exchange in the world, handling about 70% of all BTC transactions. However, in early 2014, the company filed for bankruptcy protection after losing hundreds of thousands of BTC coins due to a series of hacks and weaknesses in its storage systems.

The collapse of Mt. Gox led to a significant loss of trust in the Bitcoin market and led to a major pull down in the market as well. 

It is estimated that more than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.

With this move from Mt. Gox, its investors will cash out after a decade of untouched profits in BTC. This is very huge profit for them. 

For all your understanding back in 10 years, BTC was trading in the range of $1500 and now it is trading at % 58923. See the huge profit which they will be reaping with this payment from Mt. Gox. 

So it is with expectation that most of the Mt Gox customers who would receive their BTC investments will definitely going to sell BTC in the market which may also contribute to drag the BTC price even lower. 

Let's see how BTC price reacts in the coming week!

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