Bitcoin Dips to $56,952 as Market Reacts to Mt Gox and German BTC Moves

[sirty143]

Bitcoin Dips to $56,952 as Market Reacts to Mt Gox and German BTC Moves

On Thursday, July 4, 2024, the price of bitcoin fell below $57,000, reaching a low of $56,952 at 5:20 a.m. EDT. There is widespread speculation about the Mt Gox distribution and the German government’s transfer of approximately 3,000 bitcoin to unidentified wallets, Coinbase, Bitstamp, and Kraken. See more for yourself here.

Your opinion is greatly appreciated.

[TomPluz]

The cryptocurrency market right now is a big hostage of MtGox and Germany developments but then things will soon start to go back to where we should be. This is just a very normal reaction to news that can surely affect Bitcoin and so even Ethereum is even dragged below $3000. I am sure that this malady can be affecting the market for many more days as distribution of MtGox is getting stalled again and again...hopefully they can get their acts together and finish the whole thing so we can then move on and for Bitcoin to be back on the growth pattern towards $100K. Who would have thought that what happened to MtGox in 2014 (when it was hacked) can still be a big factor for Bitcoin in 2024...ten years after?

[Stompix]

Who would have thought that what happened to MtGox in 2014 (when it was hacked) can still be a big factor for Bitcoin in 2024...ten years after?

Well, imagine they would have recovered all their coins so not 140k but 600k! 

I am sure that this malady can be affecting the market for many more days as distribution of MtGox is getting stalled again and again...hopefully they can get their acts together and finish the whole thing so we can then move on and for Bitcoin to be back on the growth pattern towards $100K.

Hmm, just technically speaking, Germany selling 50k coins means that the effects of the halving have been postponed by 110 days, we had a 450 a day reduction in mining reward so 50,000 coins that were not on the market means 100 times that again in circulation!

[philipma1957]

and the sales are done for germany 🇩🇪 speaking of that Trump survives a shooting and btc is up up up and way.

Many now feel Trump is a mortal lock which mean rich people will be moving big money into crypto.

Here comes the big rally.

[pakhitheboss]

Bitcoin Dips to $56,952 as Market Reacts to Mt Gox and German BTC Moves

On Thursday, July 4, 2024, the price of bitcoin fell below $57,000, reaching a low of $56,952 at 5:20 a.m. EDT. There is widespread speculation about the Mt Gox distribution and the German government’s transfer of approximately 3,000 bitcoin to unidentified wallets, Coinbase, Bitstamp, and Kraken. See more for yourself here.

Your opinion is greatly appreciated.

Well within a few days, the price of Bitcoin has again gone up to $66K and the overall market is looking good. The panic in the market earlier due to Germany selling Bitcoin and MT Gox was the reason why Bitcoin fell. If within this week Ethereum ETF trading starts then we might see a bull run from next month.

[fillippone]

MTGox is nothing more than FUD.
Creditors got 20% of their stash, while the rest is still to be distributed.

It's a long path toward this FUD engine to disappear.

[NotATether]

MTGox is nothing more than FUD.
Creditors got 20% of their stash, while the rest is still to be distributed.

It's a long path toward this FUD engine to disappear.

Hey fillippone, I wasn't expecting to see you here!

But yeah, people are focusing too much of their attention on Mt. Gox and the German government, even after all these events have happened. They should let go of any worries they have about the market, because worrying causes stress and stress is not good for you ovbiously.

[ZAINmalik75]

Hey fillippone, I wasn't expecting to see you here!

But yeah, people are focusing too much of their attention on Mt. Gox and the German government, even after all these events have happened. They should let go of any worries they have about the market, because worrying causes stress and stress is not good for you ovbiously.

I guess the all legendaries of bitcointalk will be moving here soon. That's a good thing for this forum because this way the forum will learn more from them.

Not all people were worried about Germany but only those were worried doing future trading. They fear liquidation that's why we see lots of people worrying about the sell by the German government. While those who say they and all of us should not worry, are not doing margin trading therefore they don't care if BTC goes down or up.

Because it is not losing them money permanently. They are long-term investors and they know in many upcoming years BTC will make them profit and they should not worry about these small dumps.

[bitterguy28]

Because it is not losing them money permanently. They are long-term investors and they know in many upcoming years BTC will make them profit and they should not worry about these small dumps.

at the time of writing this bitcoin is at 66k usd again which means all the fuss about that short dump is now all forgotten if you are a long term trader you really need to fight through fud and don't listen to what a lot of people are speculating about on the internet it will not help you

be patient and let bitcoin show you what it is made of 

[Wiwo]

Bitcoin Dips to $56,952 as Market Reacts to Mt Gox and German BTC Moves

On Thursday, July 4, 2024, the price of bitcoin fell below $57,000, reaching a low of $56,952 at 5:20 a.m. EDT. There is widespread speculation about the Mt Gox distribution and the German government’s transfer of approximately 3,000 bitcoin to unidentified wallets, Coinbase, Bitstamp, and Kraken. See more for yourself here.

Your opinion is greatly appreciated.

I believe by now this thread is worthless since this was just a short term drop and 4th July have passed and at this point bitcoin have recovered in the price and right now bitcoin is struggling to HD on to the 70k price benchmark and the recover when dip the back that price did not take long to happen.

So in essence, you can wait to see what the market will be for at least a week before creating a thread in this kind of situation where just an event seems to be responsible for bitcoin short-term actions.

[ZAINmalik75]

at the time of writing this bitcoin is at 66k usd again which means all the fuss about that short dump is now all forgotten if you are a long term trader you really need to fight through fud and don't listen to what a lot of people are speculating about on the internet it will not help you

be patient and let bitcoin show you what it is made of 

This is exactly how investors should think when they have made an investment in Bitcoin. If hodlers will trade due to this fuss this means they failed to control their emotions and were not read to become hodlers. BTC recovered its price to $70k and short term traders take trades according to these differences in price.

Observing the internet to know what a lot of people are speculating is a good idea though but hodlers should not get into this fuss because they are playing a lengthy game full of fuss like this. Micro Strategy is accumulating BTC from a long time and they are making profit too. They are playing a lengthy game which is beneficial for them.

[pakhitheboss]

Observing the internet to know what a lot of people are speculating is a good idea though but hodlers should not get into this fuss because they are playing a lengthy game full of fuss like this. Micro Strategy is accumulating BTC from a long time and they are making profit too. They are playing a lengthy game which is beneficial for them.

Michael Saylor is not only brilliant but also a genius. I was searching Google after reading your reply to find out who owns MicroStrategy. I found out that Vanguard and BlackRock own a good percentage of shares of this company.  These two institutional investment firms also have their own Bitcoin ETFs which means they are into long-term holding. Only retail investors panic when they hear anything bad about Bitcoin whereas these guys do know the potential of Bitcoin and its long-term gain.

[ZAINmalik75]

Michael Saylor is not only brilliant but also a genius. I was searching Google after reading your reply to find out who owns MicroStrategy. I found out that Vanguard and BlackRock own a good percentage of shares of this company.  These two institutional investment firms also have their own Bitcoin ETFs which means they are into long-term holding. Only retail investors panic when they hear anything bad about Bitcoin whereas these guys do know the potential of Bitcoin and its long-term gain.

But Michael Slayer owns the micro strategy and they are offering investors to buy the shares of their company which is backed by bitcoin. I wasn't aware that Vanguard and BlackRock own most of the shares of this company. This is a good thing because these investment firms are the ones that have their own BTC ETFs. I think these companies bought these shares before the approval of BTC ETFs.

I found it very informative because this proves that MicroStrategy won't be selling their holdings like Germany did. They are not only genius but risk takers too. They took risks to backup their company with BTC before the approval of BTC ETF.

[Asiska02]

Your opinion is greatly appreciated.

More than one month after the news and the price of bitcoin is still trading below the $60K level. The news could have impacted the fall in the price at that time but what could have been the impact till now that bitcoin refuse to hang between the $60K-$65K for more than a week? Possible more forces and hidden news behind and unknown to the public while it’s still trading below this level. For German government, they’ve sold all of their bitcoins and for Mt. Gotz, did they send some more bitcoin out to the beneficiaries yet again to cause this dump till now in the market? I’m just curious why it’s still hanging and trading on this level.