Synopsis
Bitcoin plunges below $60,000, causing panic among investors as altcoins follow suit. Mt. Gox repayment, government sell-offs, and a massive whale dump contribute to the market chaos
Bitcoin (BTC) slipped below the psychological $60,000 mark and was trading at $58,754.21 around 12:30 pm, down by 3.5% over the previous day. BTC’s fall had an adverse impact on several altcoins including Etherium (ETH), BNB, Solana, XRP, Toncoin, Dogecoin, Cardano, Tron, Avalanche and Shiba Inu which fell by up to 9%. Altcoins trading in the green included Tether and USDC.
BTC’s decline is being attributed to the potential $9 billion repayment in collapsed cryptocurrency exchange BTC by Mt. Gox.
Concurring with this view, Shivam Thakral, CEO of BuyUcoin, said that Mt. Gox repayment was a major contributor. It has unleashed a selling pressure on the market, he said, adding that the recent offloading of Bitcoin by Germany and the United States governments have also added to the pressure. An unknown whale sold $810 million worth of Bitcoin within 3 minutes in the last 24 hours, contributing further to the falling price, Thakral informed.
Crypto Tracker
TOP COIN SETSSmart Contract Tracker-3.59% BuyCrypto Blue Chip – 5-4.35% BuyBTC 50 :: ETH 50-4.60% BuyDeFi Tracker-11.43% BuyAI Tracker-12.20% BuyTOP COINS (₹) Tether83 (0.06%)BuyBitcoin4,853,283 (-4.6%)BuyEthereum265,857 (-5.11%)BuyBNB44,414 (-6.17%)BuySolana11,224 (-8.22%)BuyBitcoin has dipped below psychological support at $60,000 due to selling pressure from Bitcoin miners, Vikram Subburaj, CEO at Giottus Crypto Platform said. On the 4-hour chart, Bitcoin has been on a downtrend with high trading volumes, he said, adding that the RSI has dropped below 30, indicating that the asset is now in oversold territory. “Bitcoin has to defend its 200-day EMA at $58,300 to arrest a further decline, otherwise $57,000 levels will need to be tested,” Subburaj said.
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View Details »BTC crashed to a new three month low before a mini recovery back to just under $60,000 USD while the local low of BTC stands at $56,700. Anything lower would take us to a 5 month low in BTC prices and if not recovered again, $60,000 could act as a resistance, a CoinSwitch Markets Desk note said.
On the other hand, asset management firm Bitwise has amended its S-1 registration, with the US SEC expected to give the final approvals on the ETH ETF as early as July. However this news could not stop ETH from bleeding as it fell by more than 3% yesterday, the note said further.
In its view, altcoins will likely underperform Bitcoin if the bearish trend continues.
Bitcoin has traded with heightened volatility over the past week.
The recent dip toward the $60,000 level reflects the inherent volatility of the crypto market, showcasing the battle between bulls and bears, Avinash Shekhar, Co-Founder & CEO, Pi42 said. “It’s a classic case of a weekend pump which turned into Tuesday dump! Despite Bitcoin’s struggles, it’s encouraging to see certain altcoins, particularly XRP, standing resilient,” this analyst said.
XRP’s recent performance is largely driven by favorable legal developments, highlighting the impact regulatory clarity can have on specific cryptocurrencies.
As the market navigates these fluctuations, it underscores the importance of staying informed and adaptable in this dynamic environment.
However, investors remain excited over a possible spot ETH and Solana ETF, the Pi42 CEO said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
