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Greed

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<ul> 
 <li aria-level="1">Mt. Gox’s repayment process starts this month, potentially increasing market supply with over $9 billion in Bitcoin.</li> 
 <li aria-level="1">Over $260 million in liquidations occurred recently, affecting over 100,000 traders amid ongoing market volatility.</li> 
</ul> 
The cryptocurrency market is experiencing a downturn, with Bitcoin’s value recently falling below $60,000, representing a 4% decline within a single day. This recent decrease has impacted Bitcoin, marking it as one of the most affected cryptocurrencies during a broader market downturn that has also influenced other major digital assets such as Ethereum, DOGE, BNB, and LINK. 
<figure id="attachment_80335" aria-describedby="caption-attachment-80335" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-80335 size-full" title="BTCUSD_2024-07-04_10-07-37" src="https://www.ethnews.com/wp-content/uploads/2024/07/BTCUSD_2024-07-04_10-07-37-e1720108054208.png" alt="BTCUSD_2024-07-04_10-07-37" width="2048" height="1000">
 <figcaption id="caption-attachment-80335" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
This decline coincides with a broader market retreat of over 4% in the last 24 hours, affecting these major assets. 
<figure id="attachment_80356" aria-describedby="caption-attachment-80356" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80356" src="https://www.ethnews.com/wp-content/uploads/2024/07/greed-fear-btc.png" alt="greed-fear-btc" width="754" height="493">
 <figcaption id="caption-attachment-80356" class="wp-caption-text">
 Source: Coinmarketcap
 </figcaption>
</figure> 
It is important to note that the Fear &amp; Greed Index, a measure of market sentiment, indicated a neutral position at 48, suggesting that investors are neither overly fearful nor excessively greedy, though uncertainty prevails. 
<figure id="attachment_80339" aria-describedby="caption-attachment-80339" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-80339 size-full" title="Chart-German-Government-moved-9500-BTC" src="https://www.ethnews.com/wp-content/uploads/2024/07/Chart-German-Government-moved-9500-BTC.jpg" alt="Chart-German-Government-moved-9500-BTC" width="680" height="319">
 <figcaption id="caption-attachment-80339" class="wp-caption-text">
 This, plus Mt. Gox distribution concerns, are contributing to the sell pressure concerns among market participants right now. By <a href="https://x.com/OnChainCollege/status/1808852613468921939">@ONChianCollege</a> – Source: Glassnode
 </figcaption>
</figure> 
A contributing factor to this uncertainty is the anticipated repayment process by Mt. Gox, set to begin this month. 
<figure id="attachment_80347" aria-describedby="caption-attachment-80347" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-80347 size-full" title="german-goverment-sell-btc" src="https://www.ethnews.com/wp-content/uploads/2024/07/german-goverment-sell-btc-scaled.jpg" alt="german-goverment-sell-btc" width="2560" height="1432">
 <figcaption id="caption-attachment-80347" class="wp-caption-text">
 Source: @ArkhamIntel
 </figcaption>
</figure> 
Over $9 billion in Bitcoin is due to be repaid to more than 127,000 creditors, many of whom may sell to realize their profits, adding selling pressure to the market. 
<figure id="attachment_80343" aria-describedby="caption-attachment-80343" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-80343 size-full" title="Net-Inflow-July-2-btc" src="https://www.ethnews.com/wp-content/uploads/2024/07/Net-Inflow-July-2-btc.jpg" alt="Net-Inflow-July-2-btc" width="900" height="672">
 <figcaption id="caption-attachment-80343" class="wp-caption-text">
 Source: X/@spotonchain
 </figcaption>
</figure> 
Furthermore, the within Bitcoin exchange-traded funds (ETFs) in the U.S. have played a role in the ongoing market situation. After a period of inflows totaling $129.5 million up until July 1, a reversal occurred with an outflow of $13.7 million on July 2. 
These outflows, particularly a $32.4 million withdrawal from Grayscale’s Bitcoin Trust, have countered earlier gains and raised investor concerns about Bitcoin’s price stability. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> Net Inflow July 2, 2024: -$14M! 
 • The net inflow turned slightly negative after being positive for 5 days. 
 • <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw">#Grayscale</a> (GBTC) saw an outflow of $32.4M, larger than the sum of all other Bitcoin ETFs' inflows. 
 • <a href="https://twitter.com/hashtag/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw">#BlackRock</a> (IBIT) had the largest inflow of the… <a href="https://t.co/GvXMN34Gq6">pic.twitter.com/GvXMN34Gq6</a> 
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1808354878663938277?ref_src=twsrc%5Etfw">July 3, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The market is also feeling the effects of the impending expiration of amounts of Bitcoin and Ethereum options, which add to the volatility. <a href="https://www.ethnews.com/analyzing-bitcoins-market-indicators-suggest-a-potential-peak-in-the-current-price-cycle/">ETHNews Data</a> shows that options worth over $1.04 billion are due to expire soon, with a price threshold set at $63,000. This situation has led to cautious trading and heightened uncertainty among investors. 
<figure id="attachment_80351" aria-describedby="caption-attachment-80351" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80351" src="https://www.ethnews.com/wp-content/uploads/2024/07/Source-Deribit.png" alt="Source-Deribit" width="1442" height="592">
 <figcaption id="caption-attachment-80351" class="wp-caption-text">
 Source: Deribit
 </figcaption>
</figure> 
Recent <a href="https://www.ethnews.com/bitcoin-market-update-relief-rally-prospects-and-key-metrics-leading-to-bullish-sentiment/">market actions</a> have triggered over $260 million in liquidations within just 24 hours, affecting over 100,000 traders. Bitcoin and Ethereum faced big liquidations, totaling $67 million and $63 million, respectively. 
Despite these challenges, some analysts remain hopeful about potential positive shifts, especially with upcoming regulatory decisions. However, Ali Martinez, <a href="https://x.com/ali_charts/status/1808341827579179328">has warned</a> that if Bitcoin’s price rebounds to $62,600, the market could face further liquidations exceeding $1 billion. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Over $1 billion will be liquidated if <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> now rebounds to $62,600! <a href="https://t.co/6gBiTTkPiH">pic.twitter.com/6gBiTTkPiH</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1808341827579179328?ref_src=twsrc%5Etfw">July 3, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Moreover, the delay in launching <a href="https://www.ethnews.com/spot-ethereum-etfs-could-begin-trading-soon-as-sec-concludes-amendment-reviews/">Spot Ethereum ETFs</a>, with a new submission deadline set by the SEC for July 8, has further dampened market sentiment. The prolonged approval process has frustrated investors, with many now waiting for a potential market recovery as these ETFs go live. 
The post <a href="https://www.ethnews.com/bitcoin-plummets-below-60000-amid-market-wide-sell-off-and-mounting-pressure-from-mt-gox-repayments/">Bitcoin Plummets Below $60,000 Amid Market-Wide Sell-Off and Mounting Pressure from Mt. Gox Repayments.</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Bitcoin Plummets Below $60,000 Amid Market-Wide Sell-Off and Mounting Pressure from Mt. Gox Repayments.

ETHNews

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