CoinDesk Reports:
Bitcoin continued its decline yesterday, falling to $56,771 amid thin trading on US Independence Day. The cryptocurrency’s head-and-shoulders pattern completed with a break below the neckline, triggering liquidation of long positions. According to Coinglass data, in the past 24 hours, 122,519 positions were liquidated, totaling $370 million, with Bitcoin accounting for $126 million.
Mt. Gox Begins Transfer Testing?
Mt. Gox, the long-defunct Japanese exchange, notified creditors on June 24 that it will commence distributing Bitcoin (BTC) and BCH in July. Yesterday, Mt. Gox conducted tests with minimal transfer amounts, believed to be preparations for distributing Bitcoin to creditors via exchanges. Approximately 141,000 BTC still reside in Mt. Gox wallets.
(Mt. Gox Bitcoin Sell Pressure Less Than Feared, Majority Held Long-Term)
German Government Selling Again? Sun Yuchen Offers to Step In
Arkham data indicates that wallets attributed to the German government transferred Bitcoin again yesterday, sending 400, 500, and 400 BTC to Kraken, Bitstamp, and Coinbase, totaling about $75 million at current prices. Their holdings have decreased from 50,000 BTC on June 29 to 42,274 BTC, selling a total of 7,726 BTC worth around $450 million.
Amid market downturn and panic, Sun Yuchen expressed willingness on X platform to negotiate with the German government to privately purchase all BTC, 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 optimism that despite Mt. Gox’s impending Bitcoin distributions to creditors, Bitcoin could still reach $150,000. Lee, co-founder of Fundstrat Global Advisors, stated:
“If I were invested in cryptocurrencies and knew one of the biggest uncertainties would disappear in July, I think that’s a reason why we could see a significant rebound in the second half of the year.”