Crashing Below $50,000? Bitcoin Suddenly Prepared for Another ‘Critical’ $9 Billion Earthquake After $2 Trillion Wiped Out Ethereum, XRP, Solana, Crypto Prices

by

Bitcoin
Bitcoin
 has fallen to $50,000 per bitcoin after Federal Reserve Chairman Jerome Powell warned of a “critical period.”

Subscribe now to Forbes CryptoAsset & Blockchain Advisor and “discover blockbusters poised for gains of over 1,000%” after the earthquake that halved bitcoin!

Bitcoin price has fallen by around 25% over the past month, with Bitcoin, Ethereum and XRP combined
XRP
solana and the crypto market are approaching a market cap of $2 trillion for the first time since early February, down from nearly $3 trillion in March.

Now, after a legendary tech billionaire said he thinks bitcoin could replace the US dollar, collapsed bitcoin exchange Mt. Gox has begun moving what could be a tidal wave of bitcoin.

Register now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and crypto-curious that keeps you informed and up to date on the Bitcoin and crypto market boom.

“On July 5, 2024, the [Mt. Gox] “The Rehabilitation Administrator has made repayments in Bitcoin and Bitcoin Cash to some of the Rehabilitation Creditors through a portion of the designated cryptocurrency exchanges etc. in accordance with the Rehabilitation Plan,” read a letter addressed to “whom it may concern” posted on the Mt. Gox website.

Shortly after the document was posted, it became unavailable. The reason for this was not immediately clear.

Earlier, Bitcoin and crypto analysts from Arkham
Arkham
 According to Intelligence, nearly 50,000 bitcoins worth about $2.7 billion managed by Mt. Gox were moved to another wallet, a sign that the crypto could soon be distributed to creditors.

“Should another 200,000 bitcoins come into the market in a short period of time, worth over $10 billion, supply will likely exceed demand and we could see the price of bitcoin fall even further,” Neil Roarty, an analyst at investment platform Stocklytics, said in emailed comments.

In late June, Mt. Gox trustees announced that the exchange, which collapsed 10 years ago, would distribute nearly $10 billion in funds in bitcoin, bitcoin cash and fiat currencies to its creditors in early July.

Register now for CryptoCodex—A free, daily newsletter for crypto-curious

ForbesBillionaire Bitcoin Buyer Reveals Shocking Turnaround After Ethereum, XRP, Crypto Price SurgeBy means of Billy Bambrough

“The direction of bitcoin in the coming days will be determined by the selling pressure from Mt. Gox users,” Rachel Lin, the CEO of decentralized exchange SynFutures, said in emailed comments.

“The market expects most Mt. Gox users to dump their tokens, but we could see a rebound if selling is lower than expected. On the other hand, if there is enough selling to push the price down, we could be looking at the $50,000 level soon.”

Lin warned that the “crucial levels” for bitcoin and ethereum were $60,000 and $3,350 respectively – both levels have now been “definitely” broken.

“As expected, Bitcoin’s decline has dragged down all other assets,” Lin said. “Ethereum is down nearly 9% in the week, and most memecoins are down 10% to 20%.

Leave a Comment