{"id":542997,"date":"2024-07-04T11:51:52","date_gmt":"2024-07-04T11:51:52","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=542997"},"modified":"2024-07-04T11:51:52","modified_gmt":"2024-07-04T11:51:52","slug":"bitcoin-plunges-below-58k-as-investors-brace-for-mt-gox-payouts-this-month","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-plunges-below-58k-as-investors-brace-for-mt-gox-payouts-this-month","title":{"rendered":"Bitcoin Plunges Below $58K As Investors Brace For Mt. Gox Payouts This Month"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin slumped over 3% and briefly dipped below $58k for the first time in two months as investors brace for $8.5 billion in repayments by the defunct Japanese crypto exchange Mt. Gox that are set to begin early this month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BTC <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\"><span style=\"font-weight: 400;\">lost<\/span><\/a><span style=\"font-weight: 400;\"> the psychological $60k support following a wave of selling pressure that recently washed over the crypto market. As a result, the leading crypto traded at $58,563.36 as of 3:30 a.m. EST.<\/span><\/p>\n<p><img decoding=\"async\" class=\"\" src=\"https:\/\/t4.ftcdn.net\/jpg\/03\/16\/24\/49\/360_F_316244961_4Kch7qlXUf8accn4wXUK4vA4ZfPMmpPh.jpg\" alt=\"Bitcoin Images &ndash; Browse 790,530 Stock Photos, Vectors, and Video | Adobe Stock\" width=\"747\" height=\"498\"><\/p>\n<h2><span style=\"font-weight: 400;\">Selling Pressure Forces BTC To A Critical Technical Support<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Mt. Gox is expected to start initiating Bitcoin repayments to creditors early this month. The dollar value of the amount of <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-standard-chartered-sees-btc-hitting-100k-by-us-election-day-as-experts-say-consider-this-l2e-crypto-for-parabolic-gains\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> owed to investors has risen substantially over the past decade, and now stands at around $8.5 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As such, many in the market believe this could lead to a tsunami of selling pressure in the crypto market, putting new downward pressure on the BTC price.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> 4H<br>First test of 200D MA since oct 2023 reclaim (pre &ndash; ETF)<\/p>\n<p>so far since trend rejection &amp; reversal around $63.8K spot selling has been the main driver of this trend<\/p>\n<p>so in order for this HTF MA to actually act as a systematic trigger for the market we need to see market&hellip; <a href=\"https:\/\/t.co\/FuW3A48mnJ\">pic.twitter.com\/FuW3A48mnJ<\/a><\/p>\n<p>&mdash; Skew &Delta; (@52kskew) <a href=\"https:\/\/twitter.com\/52kskew\/status\/1808714751729619375?ref_src=twsrc%5Etfw\">July 4, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">While crypto holders and investors prepare for the worst, the <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/crypto-fear-and-greed-index-plunges-to-18-month-low-after-btc-tumbles-below-60k-on-mt-gox-worries-bitcoin-etf-outflows\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> price briefly dipped below the $58,000 level to $57,874 on Coinbase for the first time in more than two months<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The leading crypto also dropped to the crucial technical support at the 200-day Moving Average (MA), which it has not tested for the last 10 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, 24-hour Bitcoin long liquidations <\/span><a href=\"https:\/\/www.coinglass.com\/LiquidationData\"><span style=\"font-weight: 400;\">topped<\/span><\/a><span style=\"font-weight: 400;\"> $73 million, according to data from CoinGlass.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Mt. Gox Repayments Might Not Be So Bad, Opportunity To Buy The Dip?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Despite the recent technical developments, the fear surrounding the Mt. Gox repayments and BTC&rsquo;s subsequent correction, some investors do not seem too worried. Multiple traders&nbsp; have seen the recent crypto crash as an opportunity to buy the dip.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#128201; Bitcoin has just dropped to as low as $59.4K and Ethereum to $3.1K in the previous hour.<\/p>\n<p>The crowd is showing signs of seeing this as a buy the dip opportunity. Ideally, we wait for their enthusiasm to settle down. The time to buy is when they are impatient and skeptical. <a href=\"https:\/\/t.co\/5C1BmEn8Av\">pic.twitter.com\/5C1BmEn8Av<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1808619741449494831?ref_src=twsrc%5Etfw\">July 3, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Crypto research firm Santiment shows that mentions of &ldquo;buy the dip&rdquo; on popular social platforms such as X, Reddit, Bitcoin Talk and 4chan briefly doubled in the last 48 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, a recent CoinShares <\/span><a href=\"https:\/\/blog.coinshares.com\/estimating-the-market-impact-of-mt-gox-repayments-ec4a4927e50d\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> also analyzed the possible impact of the Mt. Gox repayments on the BTC price. The analysts concluded that &ldquo;the Mt. Gox overhang may not be as brutal as expected.&rdquo;&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As investors prepare for the potential selling pressure, some may pivot to Bitcoin-themed alternatives in presale to wait out the storm. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">One analyst favorite is <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/99bitcoins\" rel=\"nofollow\"><span style=\"font-weight: 400;\">99Bitcoins (99BTC)<\/span><\/a>,<span style=\"font-weight: 400;\"> a <\/span><span style=\"font-weight: 400;\">pillar of crypto education that has over two million registered users for its courses and more than 705,000 subscribers on its YouTube channel. Its ICO has already raised more than $2.3 million.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Related Articles:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/pulse\/best-altcoins-invest-unveiling-top-picks-maximum-returns-calsona-9ceye\/\"><span style=\"font-weight: 400;\">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/wienerai-soars-past-7-million-in-presale-as-excitement-builds-for-the-launch-of-ai-powered-trading-bot\"><span style=\"font-weight: 400;\">WienerAI Soars Past $7 Million In Presale As Excitement Builds For The Launch Of AI-Powered Trading Bot<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/next-cryptocurrency-to-explode-wednesday-july-3-zcash-mantra-beldex-binaryx\"><span style=\"font-weight: 400;\">Next Cryptocurrency to Explode Wednesday, July 3 &mdash; 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