Bitcoins Value Falls to 56952 Amidst Market Response to Mt Gox and German BTC Developments

On the 4th of July, 2024, the value of bitcoin plummeted to $56,952, marking a 4% decrease within 24 hours and over 6% over the last week. The decline commenced on the previous day at 9:05 p.m. EDT when the currency's value dipped below $60,000. Investors are concerned about the German government's transfer of 3,000 bitcoin to anonymous wallets, along with the impending distribution of coins by Mt Gox. Arkham Intelligence has noticed that Mt Gox wallets have been making "test transfers." Although the distribution is anticipated to start in July, no specific date has been provided. The market's bearish trend is expected to continue as trading volumes remain low, with 10x Research predicting that the price could fall to the $50,000 range. According to 10x Research, sellers are rushing to secure liquidity, and breaking support levels could result in a sharp decline to the low $50,000s. The bearish sentiment has unsettled the crypto community, with BTC currently down 16% this month and approximately 21% below its all-time high of $73,737.