The post Crypto Bloodbath: Bitcoin and Altcoins Plummet, Mt. Gox Starts Repayments, German Govt Contineus Selling: Weekly Crypto Recap appeared on BitcoinEthereumNews.com.

What a week it’s been… The cryptocurrency markets ultimately took a turn for the worse, but they haven’t been without their moments. The bottom line is that the total capitalization lost a whopping $200 billion, which is more or less 10% in the past seven days alone. This came on the back of considerable losses from Bitcoin, but especially from the altcoins. In fact, the BTC dominance – a metric that gauges its share relative to that of the rest of the market – is up by about 0.3% in the past week, outlining the broader failure of altcoins altogether. That said, BTC’s price crashed by a massive 9%, dipping to a low below $54K – a point that we haven’t seen in many months. But the interesting thing is that it all started incredibly well as the leading cryptocurrency reached an intraweek high of almost $64K on July 1st. It was all downhill from there, though. The bears seized the opportunity and absolutely dominated the market, bringing it down to its current levels. But if you think that’s bad, you should take a look at some of the altcoins. Ethereum is down 14%, currently trading below the important $3K level. BNB crashed by a massive 14.4%, trading below $500. Major altcoins, such as ADA, SOL, XRP, AVAX, and so forth, are charting declines in the range between 8% and 15%. Meme coins also tumbled, with DOGE crashing by 20%, SHIB losing 19%, etc. You must be wondering what the reason for this blood Well, first and foremost, Mt. Gox, the defunct crypto exchange that owes its creditors many billions in BTC and BCH, sent a whopping $2.7B to a new address today, sparking fears of immediate selling pressure. On top of that, the German government, which was in possession…

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Filed under: News - @ July 6, 2024 1:24 am