Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Bitcoin, the leading cryptocurrency by market cap,&nbsp;<a href="https://www.tradingview.com/chart/yAgtHh3T/?symbol=BITSTAMP%3ABTCUSD">collapsed</a> to $53,350 on the Bitstamp exchange, the lowest level in five months, at 4:19 UTC.&nbsp;
This comes after Mt. Gox, the now-defunct cryptocurrency exchange, transferred a staggering $2.71 billion worth of Bitcoin to a new wallet.&nbsp;
Last month, the exchange announced that it would start paying back the victims of the 2014 hack.&nbsp;
The announcement ended up being a major bearish headwind for Bitcoin due to the sheer amount of selling pressure from creditors.&nbsp;
However, it is worth mentioning that banking giant JPMorgan recently predicted that this selling pressure will not be long-lasting. Its analysts have predicted that the Bitcoin price would be able to start rebounding in late summer.&nbsp;
In fact, according to JPMorgan, some creditors might continue to hold their coins either due to tax reasons or due to their belief in future price appreciation.&nbsp;
Apart from the Mt. Gox distributions, Bitcoin bulls have also been hit hard by a bout of selling caused by the German government.&nbsp;
As&nbsp;<a href="https://u.today/german-mp-urges-government-to-stop-selling-bitcoin">reported by U.Today</a>, Joana Cotar, an independent member of the Bundestag, recently called on the government to stop selling the cryptocurrency and highlighted its diversification properties among other key benefits.
<h2 id="an-uninformative-metric">"An uninformative metric"&nbsp;</h2>
According to data provided by cryptocurrency analytics platform Santiment, social media is showing historic levels of fear, uncertainty, and doubt (FUD) based on the number of mentions of "sell."
However, Bitwise Invest CEO Hunter Horsley is convinced that nothing has changed about the largest cryptocurrency after the recent price crash. "Price has been an uninformative metric of late. Keep calm and carry on," he said in a social media&nbsp;<a href="https://x.com/HHorsley/status/1809073583974666651">post</a>.&nbsp;

Bitcoin Bloodbath: Key Reason Why BTC Is Getting Annihilated

Table of Contents

U_Today

Other articles published on Jul 5, 2024

Rusty Kaspa Nodes Dominate Mainnet with Impressive 98.83% Share

Bitcoin Futures-To-Spot Volume Ratio Down 63% This Bull Run: What It Means

NFTs Market Shows Bullish Signs Despite Crypto Downturn

US Regulators Causing Panic of Crypto Banking Services, Former Solicitors General Accuses

Grayscale Ethereum Trust Trades at Premium Ahead of Potential Spot Ether ETFs

Bitcoin ETFs Outflows Ramp Up For The Third Week In A Row, Will The Bloodbath Continue?

Join our free newsletter for daily crypto updates!