{"id":543387,"date":"2024-07-05T08:07:47","date_gmt":"2024-07-05T08:07:47","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=543387"},"modified":"2024-07-05T08:07:47","modified_gmt":"2024-07-05T08:07:47","slug":"the-bitcoin-price-plunges-below-56k-amid-mt-gox-selloff-fears-and-massive-liquidations-but-traders-still-flock-to-the-99btc-ico","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/the-bitcoin-price-plunges-below-56k-amid-mt-gox-selloff-fears-and-massive-liquidations-but-traders-still-flock-to-the-99btc-ico","title":{"rendered":"The Bitcoin Price Plunges Below $56K Amid Mt. Gox Selloff Fears And Massive Liquidations, But Traders Still Flock To The 99BTC ICO"},"content":{"rendered":"<p>The Bitcoin price plummeted 8% in the last 24 hours to trade for $54,417 as of 23:44 p.m. EST on trading volume that soared 44%.<\/p>\n<p>The plunge came amid a crypto crash that triggered $671 million in total liquidations, the largest since the FTX contagion in 2022. Still, some traders saw the carnage as a great opportunity to buy the dip.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Around 670m $ liquidation !<\/p>\n<p>Largest after FTX ! <\/p>\n<p>Highest liquidations are the major reversal area! <a href=\"https:\/\/t.co\/xEl6iV2uMN\">pic.twitter.com\/xEl6iV2uMN<\/a><\/p>\n<p>&mdash; MP Traderrrrr (Sherlock) (@BTCsherlockDOGE) <a href=\"https:\/\/twitter.com\/BTCsherlockDOGE\/status\/1809087692589912170?ref_src=twsrc%5Etfw\">July 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The massive selloff came amid anxiety over Mt. Gox and the German government selling their BTC holdings. The German government sold 20% of its BTC balance sheet, worth around $ 3.5 billion. The selling pressure started two weeks ago and could continue to bleed for another eight weeks if they keep selling a tenth of their holdings every week.<\/p>\n<p>Amid the sell-off, Tron founder and Huobi Global advisor Justin Sun offered to negotiate with the German governments to purchase all BTC off-market in order to minimize the impact on the market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.<\/p>\n<p>&mdash; H.E. Justin Sun &#23385;&#23431;&#26216; (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1808828661401072092?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>As regards Mt. Gox, the bankruptcy estate is giving 142,000 BTC back to investors, with markets fearing that many will sell.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Mt Gox fud is honestly overrated and has  caused 100x more loses every year than the amount they will be paying out.<\/p>\n<p>Mt Gox : 9 billion USD<br>German Government: 2.4 billion USD<\/p>\n<p>Total value loss in Crypto market cap:<br>143 billion in the last 2 days! <a href=\"https:\/\/t.co\/9vEHnjECAO\">https:\/\/t.co\/9vEHnjECAO<\/a><\/p>\n<p>&mdash; Sohail Merchant (@inkparadox) <a href=\"https:\/\/twitter.com\/inkparadox\/status\/1809058139893084554?ref_src=twsrc%5Etfw\">July 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Bitcoin Price Outlook Amid Massive Selloff<\/h2>\n<p>The Bitcoin price is trading with a bearish bias, recording lower lows as the German government and Mt. Gox narratives trigger panic selling in the market. Santiment observes that social media shows historic levels of FUD (fear, uncertainty, and doubt).<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#128201; Markets have continued to bleed, and social media is now showing historic levels of FUD. It is rare for an hour to go by where there are more mentions of \"sell\" than there are \"buy\" across crypto forums. But we've seen a few of these instances in just the past 24 hours,&hellip; <a href=\"https:\/\/t.co\/DdXAYP6n81\">pic.twitter.com\/DdXAYP6n81<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1809070048805597612?ref_src=twsrc%5Etfw\">July 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As the Bitcoin price continues to slide lower, the area between $47,213 and $41,246 will be critical as it represents a demand zone. Renowned crypto investor and trader Miles Deutscher says the level to watch is $48,000.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Can we just nuke to $48k already and get this sh*t over with?<\/p>\n<p>Dear Germany &amp; Mt. Gox &ndash; please just jeet your entire stack. <\/p>\n<p>Dear retail, please just panic sell your low conviction alts.<\/p>\n<p>Just get the pain over with quickly, then up only. Thanks.<\/p>\n<p>&mdash; Miles Deutscher (@milesdeutscher) <a href=\"https:\/\/twitter.com\/milesdeutscher\/status\/1809061138015137851?ref_src=twsrc%5Etfw\">July 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nevertheless, it is imperative to note that the market structure is yet to change, with the big-picture outlook still bullish.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&amp;ref_src=twsrc%5Etfw\">#btc<\/a> 'ers got to take the good with the bad&hellip; still technically in a bull market. <a href=\"https:\/\/t.co\/jd39SITnxB\">pic.twitter.com\/jd39SITnxB<\/a><\/p>\n<p>&mdash; dave the wave&#127754;&#127763; (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/1809064100452053039?ref_src=twsrc%5Etfw\">July 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Traders looking to open long positions hoping the dump is over should probably hold their horses. This is because the Relative Strength Index (RSI) continues to nosedive, showing falling momentum. In the same way, the Moving Average Convergence Divergence has crossed below its signal line (orange band). This suggests that bearish sentiment abounds in the BTC market.<\/p>\n<p>Evidence of the bearish sentiment is seen with the red nodes on the volume profile, accentuating the bearish thesis. As it stands, chances of a further dump remain high, with the Bitcoin price likely to extend lower to the $47,213 threshold before possible recovery.<\/p>\n<p><a href=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/07\/BTCdd.png\"><img decoding=\"async\" class=\"aligncenter wp-image-543388 size-full\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/07\/BTCdd.png\" alt=\"Bitcoin\" width=\"1366\" height=\"768\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/07\/BTCdd.png 1366w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/07\/BTCdd-300x169.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/07\/BTCdd-1024x576.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/07\/BTCdd-768x432.png 768w\" sizes=\"(max-width: 1366px) 100vw, 1366px\"><\/a><\/p>\n<p><a href=\"https:\/\/www.geckoterminal.com\/eth\/pools\/0x4585fe77225b41b697c938b018e2ac67ac5a20c0\" target=\"_blank\" rel=\"noopener\">GeckoTerminal: BTC\/USD 1-week chart<\/a><\/p>\n<p>In case of a reversal, however, a stable candlestick close between the $66,333 and $70,159 thresholds would be a good sign. Nevertheless, only a candlestick close above this range would confirm the continuation of the uptrend.<\/p>\n<p>Meanwhile, as the BTC bulls search for support to turn things around, investors might want to consider pivoting for shelter to the learn-to-earn platform 99Bitcoins (99BTC), a presale that is immune to market forces until it lists.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As the 2024 US presidential election approaches, <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> has become a powerful topic. &#128170; <a href=\"https:\/\/twitter.com\/realDonaldTrump?ref_src=twsrc%5Etfw\">@realDonaldTrump<\/a> recently supported the crypto industry, aiming to make the US a leader in <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> mining. <a href=\"https:\/\/twitter.com\/hashtag\/99Bitcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#99Bitcoins<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#Altcoins<\/a> <a href=\"https:\/\/t.co\/Gl0eH4TniP\">pic.twitter.com\/Gl0eH4TniP<\/a><\/p>\n<p>&mdash; 99Bitcoins (@99BitcoinsHQ) <a href=\"https:\/\/twitter.com\/99BitcoinsHQ\/status\/1808863498534858935?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>According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1K into $10K after launch.<\/p>\n<p><iframe title=\"New 10x Potential Crypto Presale 99Bitcoins - Flip $1k into $10k?!\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/G2trqq3KNYE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2>Promising Alternative To Bitcoin<\/h2>\n<p>The <a href=\"https:\/\/insidebitcoins.com\/visit\/99bitcoins\" target=\"_blank\" rel=\"noopener nofollow\">99Bitcoins<\/a> website is poised for a major relaunch in the third quarter of this year amid an explosive presale for the new 99BTC token.<\/p>\n<p>99Bitcoins is an educational platform with over 705k subscribers on its YouTube channel and more than 2 million people registered for the website&rsquo;s courses.<\/p>\n<p>The platform aims to enhance the learning experience by gamifying Bitcoin education. Users complete challenges and lessons to earn higher rankings and earn $99BTC as rewards.<\/p>\n<p>The L2E narrative could be the next big crypto thing, and already 99BTC has amassed over $2.3 million in its presale.<\/p>\n<p>99Bitcoins also integrates with BRC-20, which allows users to easily build dApps on the Bitcoin network.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Introducing $99BTC on BRC-20! &#127891;<\/p>\n<p>Since 2013, <a href=\"https:\/\/twitter.com\/hashtag\/99Bitcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#99Bitcoins<\/a> has been the go-to resource for learning about <a href=\"https:\/\/twitter.com\/hashtag\/Cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#Cryptocurrency<\/a>.<\/p>\n<p>We're launching a platform that enables the building of <a href=\"https:\/\/twitter.com\/hashtag\/dApps?src=hash&amp;ref_src=twsrc%5Etfw\">#dApps<\/a> on top of the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> network!&#128161;<a href=\"https:\/\/twitter.com\/hashtag\/LearnToEarn?src=hash&amp;ref_src=twsrc%5Etfw\">#LearnToEarn<\/a> rewards users on the Bitcoin blockchain.&#128588;<\/p>\n<p>&mdash; 99Bitcoins (@99BitcoinsHQ) <a href=\"https:\/\/twitter.com\/99BitcoinsHQ\/status\/1785308220677853254?ref_src=twsrc%5Etfw\">April 30, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As a token holder, you also have the opportunity to earn passively through&nbsp;<a href=\"https:\/\/insidebitcoins.com\/visit\/99bitcoins\" target=\"_blank\" rel=\"noopener nofollow\">the platform&rsquo;s staking system<\/a>, where you can stake $99BTC for an impressive 713% annual percentage yield (APY).<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">How many of these bad boys will <a href=\"https:\/\/twitter.com\/PeterSchiff?ref_src=twsrc%5Etfw\">@PeterSchiff<\/a> be popping? &#128138;<a href=\"https:\/\/twitter.com\/hashtag\/99Bitcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#99Bitcoins<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CryptoCurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoCurrency<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a href=\"https:\/\/t.co\/yIEeuGsSdx\">pic.twitter.com\/yIEeuGsSdx<\/a><\/p>\n<p>&mdash; 99Bitcoins (@99BitcoinsHQ) <a href=\"https:\/\/twitter.com\/99BitcoinsHQ\/status\/1794684946453262569?ref_src=twsrc%5Etfw\">May 26, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>You can buy 99BTC now for $0.00112. With a price hike coming in about four days, don&rsquo;t procrastinate for too long and miss locking in the best deal.<\/p>\n<p><a href=\"https:\/\/insidebitcoins.com\/visit\/99bitcoins\" rel=\"nofollow\">Buy $99BTC from the official website here<\/a>&nbsp;using ETH, USDT, or a bank card.<\/p>\n<h3>Also Read:<\/h3>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/99bitcoins-price-prediction\">99Bitcoins Price Prediction &ndash; $99BTC Profit Potential in 2024<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/99bitcoins-launches-new-learn-to-earn-airdrop-presale-todaytrader-video-review\">99Bitcoins Launches New Learn-to-Earn Airdrop Presale &ndash; TodayTrader Video Review<\/a><\/li>\n<li><a href=\"https:\/\/www.linkedin.com\/pulse\/best-penny-crypto-investments-top-picks-explosive-growth-calsona-j8nhe\">Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!<\/a><\/li>\n<\/ul>\n\n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The Bitcoin price plummeted 8% in the last 24 hours to trade for $54,417 as of 23:44 p.m. EST on trading volume that soared 44%. <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/the-bitcoin-price-plunges-below-56k-amid-mt-gox-selloff-fears-and-massive-liquidations-but-traders-still-flock-to-the-99btc-ico\" title=\"The Bitcoin Price Plunges Below $56K Amid Mt. Gox Selloff Fears And Massive Liquidations, But Traders Still Flock To The 99BTC ICO\">[&#8230;]<\/a><\/div>","protected":false},"author":1911,"featured_media":543390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-543387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Bitcoin Price Plunges Below $56K Amid Mt. 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