Bitcoin tumbles amid market uncertainty 📉

Mt. Gox test transactions and German government BTC transfers saw Bitcoin's price tumble.

Author

Stephen Graves
July 04, 2024

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📝 What you need to know

Bitcoin tumbled to lows not seen since early May Thursday, as jitters spread through the crypto markets, sparking hundreds of millions of dollars in crypto liquidations.

Traders were spooked by test transactions sent earlier this week by the trustee for defunct exchange Mt. Gox ahead of creditor repayments, as well as transfers by the German government of BTC holdings worth over $70 million to exchanges.

Meanwhile, U.S. Federal Reserve minutes revealed that inflation had showed signs of easing, but remained above its 2% target range, likely causing short term pain for risk assets such as crypto.

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Bitcoin fell below $57,000 after the trustee for defunct exchange Mt. Gox sent a number of test transactions Thursday morning.

Bitcoin Tumbles as German Government Moves Another $75 Million to Exchanges

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Falling inflation benefits risk assets, including crypto, as it would give the Fed confidence to begin lowering interest rates this year.

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