Another round of government selloff triggers losses of 200 million for 80000 investors how much further will the Bitcoin clone Da Bing plummet

Coin World News Report:
Bitcoin rebounded over the weekend after hitting a low of $53,269 on Friday (5), and briefly surpassed $58,000 on Sunday (7). However, selling pressure emerged, causing a sharp decline in the early morning of today (8) after 5 o’clock. In the past 24 hours, it has fallen by 6.05%, almost completely erasing the rebound of the past two days.


BTC Latest Trend
Ethereum’s trend is also close to Bitcoin’s, falling below $2,850 at the time of writing, with a 7.01% decline in the past 24 hours.


ETH Latest Trend
Top ten tokens experience a general decline
As Bitcoin falls, the other top ten tokens also decline simultaneously. Dogecoin (DOGE) has experienced the deepest drop, exceeding 10%, while tokens such as BNB, SOL, XRP, ADA, etc., have all fallen by over 8%.


Over $200 million liquidations in the past 24 hours
During Bitcoin’s recent plunge, according to Coinglass data, the total amount of liquidations in the cryptocurrency market has exceeded $200 million in the past 24 hours, affecting over 80,000 people.


In this round of decline, the pressure of compensation from Mt. Gox is considered one of the main reasons. Mt. Gox is one of the earliest Bitcoin exchanges globally but declared bankruptcy due to a hacker attack in 2014. Its creditors have been waiting for over a decade, during which the price of Bitcoin has skyrocketed by over 10,000%. Recently, Mt. Gox has started to compensate its creditors, leading to a large number of Bitcoin being dumped into the market, causing significant impact.
Meanwhile, the actions of the German government have also intensified market panic. Investors are concerned that the German government’s sell-off will further suppress the price of Bitcoin.
In addition to external factors, the cryptocurrency market also faces multiple internal challenges. The dilemma of miners is one of them. Due to the halving effect, Bitcoin mining rewards have decreased, causing many inefficient miners to be unable to sustain their operations and forced to exit the market. This has led to a significant drop in Bitcoin’s computing power, further exacerbating market panic.
Furthermore, the listing progress of Ethereum spot ETF in the US market is not going smoothly. The market originally expected the product to be approved on July 4th, but to this day, there is still no relevant news. This delay has also brought uncertainty to investors about the future of the cryptocurrency market.
In the face of such a complex market environment, how should investors respond?
Several analysts have given their suggestions. 10xResearch analyst predicts that Bitcoin may further decline to $50,000. Josh Gilbert, a market analyst at eToro, holds a similar view, believing that Bitcoin’s price will be relatively weak in the short term and will test $50,000 or even lower. Andrew Kang, Co-founder of cryptocurrency venture capital firm Mechanism Capital, is even more pessimistic, suggesting that Bitcoin may experience an extreme pullback to the $40,000 range.
However, despite the market’s uncertainty, some investors see opportunities. Sun Yuchen, the founder of TRON, expressed on social media that he is willing to negotiate with the German government to buy all Bitcoin off-exchange to minimize the impact on the market. Currently, it is advisable to observe the market more and take fewer actions. Investors need to evaluate risks more cautiously and develop reasonable investment strategies.
In the cryptocurrency industry, if you want to seize the opportunity of the next bull market, you need to have a high-quality network and work together to stay warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.