The post Bitcoin Dips Below $55,000 as ‘Significant’ Selling Expected in Months Ahead appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Bitcoin fell 6% to $54,600 on weekend trading despite clawing back losses from the end of last week. The world’s largest crypto by market capitalization fell to a low of $54,000 on Friday, Decrypt data shows. The asset is currently trading at $55,300. Several headwinds for Bitcoin persist, including crypto market uncertainty, potential selling pressure from the German government, and 127,000 creditors awaiting crypto funds from the Mt. Gox bankruptcy estate. A brief price rally attempted to regain a footing above $58,000 by Sunday before conceding gains to trade at its lowest point since late February. Germany holds 39,826 BTC worth an estimated $2.2 billion at current prices, according to an Arkham Intelligence dashboard. Users from defunct Japanese exchange Mt. Gox, meanwhile, are waiting to receive up to $7.7 billion in funds they lost due to a hack more than 10 years ago. Repayments from Mt. Gox are set to begin this month following preparations for distributing funds. The defunct exchange plans to disburse around 142,000 BTC and 143,000 Bitcoin Cash. “While it is not yet clear what portion of the total distribution will be sold at market, there will be significant selling pressure added to Bitcoin,” K33 Research said of Mt. Gox creditors in its latest report. Summer typically brings a lull in crypto markets, but with an excess supply and downward momentum, traders could face a busier period than expected if more supply floods the thinly traded order books, K33 added. Liquidations across the crypto market show long positions have been wiped to the tune of $175 million, according to CoinGlass data. A further…

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Filed under: News - @ July 9, 2024 2:16 am