Bitcoin’s Weekend Woes: Mt. Gox Creditors Prepare to Cash Out, German Government Sells
- After failing to retain $57K, Bitcoin crashed 4.6%, dropping to $55K.
- The market is in “Fear,” as indicated by the Fear and Greed Index’s value of 28.
- Mt. Gox repayments and the German government’s BTC sell-off have led to the crash.
Bitcoin’s recent recovery faltered over the weekend, with the cryptocurrency’s price dropping 4.6% in 24 hours and 12.83% over the past week. The broader altcoin market followed suit, adding to the sense of fear reflected in the crypto Fear and Greed Index.
The Fear and Greed Index stood at 28, indicating a state of fear in the market following Bitcoin’s 12.83% decline over the past seven days. According to CoinMarketCap data, the top cryptocurrency currently trades at $55,207, boasting a market capitalization of $1.088 trillion and a 22.73% increase in trading volume to $25.1 billion.
— Santiment (@santimentfeed) July 7, 202…
After a brief bounce to get trader hopes up, crypto has again shown retraces to bring fear back on the menus as the weekend comes to a close. Bitcoin is -2.3% in the past 24 hours, -8.6% in the past week, and -18.4% in the past month. Most altcoins have shown far larger dips. pic.twitter.com/OmWAJr9Rhr
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