CoinDesk Report:
Bitcoin continued its decline yesterday, dropping to $56,771 amid subdued trading on the US Independence Day. The BTC head-and-shoulders pattern completed its formation and breached the neckline, triggering liquidations among long positions. According to Coinglass data, over the past 24 hours, 122,519 liquidations occurred totaling $370 million, with Bitcoin accounting for $126 million.
Mt.Gox Begins Transfer Testing?
The long-standing bankruptcy case of the Japanese exchange Mt.Gox notified creditors on 6/24 that Bitcoin (BTC) and BCH distributions would commence in July. Yesterday, Mt.Gox conducted tests involving transfers of significantly small amounts, believed to be preparations for distributing Bitcoin to creditors via exchanges. Approximately 141,000 BTC remains in Mt.Gox wallets.
Germany Sells Crypto Again? Sun Yuchen Offers to Buy
According to Arkham data, wallets allegedly linked to the German government transferred Bitcoin again yesterday, sending 400, 500, and 400 BTC to Kraken, Bitstamp, and Coinbase respectively, totaling about $75 million at current prices. Their Bitcoin holdings decreased from 50,000 on 6/29 to 42,274, with a total sale of 7,726 BTC valued at approximately $450 million.
Facing market downturns and panic, Sun Yuchen stated on X platform his willingness to negotiate with the German government to buy all their BTC through OTC trading, aiming to minimize market impact.
Bitcoin Bull Tom Lee Still Eyes $150,000
Bitcoin bull Tom Lee, in an interview with CNBC on Monday, expressed confidence that Bitcoin could reach $150,000 despite Mt. Gox’s upcoming distribution to creditors. Co-founder of Fundstrat Global Advisors, Lee remarked:
“If I’m investing in crypto and I know one of the biggest overhangs will be resolved in July, I think that’s one of the reasons why we might see a significant rebound in the second half of the year.”