After Bitcoin reached a high of $68,260 early yesterday morning, it continued to fluctuate lower. It was close to around 3 o'clock this morning (24th), and the lowest level was as low as $65,420, which was not stimulated by the launch of the Ethereum spot ETF. The rebound at the moment of writing is not very obvious. It is currently trading at US$65,531, down 2.42% in the past 24 hours.
From the current technical analysis, if the decline continues, the more powerful support will be around $63,500, which happens to be the transaction-intensive area in the past two months and is also the starting point of last week's rally.
Mt. Gox repayment progress progresses
As for the reason for the decline, some communities suspect that it is related to the advancement of Mt. Gox’s repayment progress.
First, according to Arkham Intelligent tracking data , Mt. Gox yesterday transferred 2,362 BTC (current price of approximately US$155 million) to a wallet marked as Bitstamp exchange. Bitstamp is one of the five trading platforms that Mt.Gox has cooperated with to return funds, which shows that it is another new repayment.
On the other hand, according to the latest feedback from Mt. Gox creditors on Telegram today, they have received Bitcoin and Bitcoin Cash transfers in their Kraken accounts, which means they can start trading these assets freely.
Dongzhong reported on July 16 that Mt. Gox transferred 48,641 Bitcoins, which was later confirmed to be distributed to creditors by the Kraken exchange. At the time, the exchange expected creditors to receive funds within one to two weeks, and progress appears to be continuing.
The entire network liquidated $183 million in the past 24 hours
On the first day of the Grayscale Ethereum spot ETF (ETHE), the net outflow was US$480 million , ETH fell below $3,400, and Bitcoin continued to decline. According to Coinglass data , in the past 24 hours, the amount of cryptocurrency liquidation across the entire network About 183 million US dollars, more than 63,000 people were liquidated (longs accounted for about 146 million US dollars).
