Terrifying Cryptocurrency Crash Sparks ‘Extreme’ Panic After $2 Trillion Lost in Bitcoin, Ethereum, XRP, Solana

Update 07/06 below. This post was originally published on July 04

Bitcoin has fallen to around $50,000 after Federal Reserve Chairman Jerome Powell warned of a “critical period.”

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Bitcoin has fallen by about 25% over the past month, with the combined market cap of bitcoin, ethereum, XRP, Solana and cryptocurrencies approaching $2 trillion for the first time since early February — down from nearly $3 trillion in March.

Now, after a legendary tech billionaire said he believes Bitcoin could replace the US dollar, the collapsed Bitcoin exchange Mt. Gox has started to stir what could be a tidal wave of Bitcoin.

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“The Most Important Thing” From Forbes – Elon Musk Responds to the Tech Billionaire’s Massive Bitcoin Price Earthquake By Billy Bambrough

Cryptocurrency traders are bracing for another price shock for Bitcoin, Ethereum, XRP, and Solana.

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On July 5, 2024, [Mt. Gox] “The Rehabilitation Trustee has made payments in Bitcoin and Bitcoin Cash to certain Rehabilitation Creditors through a portion of the designated cryptocurrency exchanges etc. pursuant to the Rehabilitation Plan,” reads a “To Whom It May Concern” letter posted on the Mt. Gox website.

Shortly after it was published, the document was no longer available, but it was not immediately clear why.

Earlier, Bitcoin and cryptocurrency analysts at Arkham Intelligence said they saw nearly 50,000 bitcoins worth $2.7 billion under Mt. Gox’s control move to a different wallet, a sign that the cryptocurrency could soon be distributed to creditors.

“If an additional 200,000 bitcoins — worth over $10 billion — enter the markets in a short period of time, supply is likely to outpace demand, and we could see the price of bitcoin fall further,” Neil Rorty, an analyst at investment platform Stocklytics, said in emailed comments.

In late June, the trustees of the Mt. Gox exchange announced that the exchange, which collapsed a decade ago, would begin distributing nearly $10 billion in bitcoin, bitcoin cash and fiat currency to its creditors in early July.

Update 07/06: Bitcoin's price crash has found a floor, with the broader crypto market rebounding slightly after this week's sharp sell-off.

However, traders and analysts still fear that a Bitcoin price collapse could drag down Ethereum, XRP, Solana, and other major cryptocurrencies.

The widely-watched Cryptocurrency Fear and Greed Index, created by data site Alternative.me, has fallen to its lowest level since January 2023, after Bitcoin fell to just $17,000 in the wake of the collapse of crypto exchange FTX, and is now teetering on the edge of “extreme fear.”

“The cryptocurrency market cap has fallen below $2 trillion, accelerating its decline and losing more than 8%, while many altcoins have suffered double-digit losses in the past 24 hours,” Alex Kuptskevich, chief market analyst at FXPro, said in emailed comments, describing the Bitcoin price collapse as “terrifying.”

“Bitcoin’s 200-day moving average failed to act as support, and we saw an acceleration in selling after the break below this line,” Kuptskevich wrote, adding that “the situation in Ethereum’s price looks like a pause before a new downside push that could take the price back to $2,300.”

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Bitcoin Billionaire Reveals Shock After Ethereum, XRP, Crypto Prices Soar By Billy Bambrough

Bitcoin has fallen from its recent high of over $70,000 per bitcoin and now looks… [+] Risk of collapsing below $50k, negatively impacting Ethereum, XRP, Solana, and other cryptocurrencies.

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“The direction of Bitcoin in the coming days will be determined by selling pressure from Mt. Gox users,” Rachel Lin, CEO of decentralized exchange SenFutures, said in emailed comments.

“The market is expecting most Mt. Gox users to dump their tokens, but we could see a rebound if sales are lower than expected. On the other hand, if there is enough selling to push the price lower, we could be looking at $50,000 soon.”

Lin warned that the “critical levels” for Bitcoin and Ethereum were $60,000 and $3,350 respectively — both of which have now been “decisively” broken.

“As expected, Bitcoin’s decline dragged down all other assets,” Lin said. “Ethereum fell by about 9% over the week, and most cryptocurrencies fell by 10% to 20%.”

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