BTC Price Drop As Mt.Gox Move $2 Billion

On Wednesday, Bitcoin's price briefly dipped below $66,000 following news of a significant BTC transfer from the defunct crypto exchange Mt. Gox. On July 30, Mt. Gox's estate moved nearly 34,000 Bitcoin, worth approximately $2.25 billion, to a new wallet, indicating possible repayment to creditors from the exchange that collapsed in 2014.

 
Data from Arkham Intelligence shows the 33,963 BTC are still in the new wallet. While it's unclear if the funds are heading to an exchange or being reallocated internally, Bitcoin’s price dropped to $65,400 before recovering above $66,000.

Speculation continues on how these transfers might affect Bitcoin's market, especially given the recent trend of limited sell-side pressure. According to a Glassnode report, of the 142,000 BTC recovered from Mt. Gox, around 59,000 have already been distributed via Kraken and Bitstamp, with the market impact being relatively contained so far, as Bitcoin’s price remains above $60,000.

Two Government Moves Seize Crypto Fund

The German and U.S. governments have garnered attention for their recent transfers of substantial cryptocurrency holdings. On July 1, the German government moved 1,500 BTC, valued at approximately $95 million, to various crypto exchanges. Concurrently, the U.S. government transferred 3,375 ETH, worth around $11.75 million, from seized funds to an unknown address. These significant transactions highlight ongoing governmental activity in the crypto market.

Jasmy Coin began a bearish moves

The price of Jasmy has significantly dropped this month, entering a bear market with a decline of over 30% from its peak. This downturn coincides with Bitcoin’s recent price movements. Bitcoin's value surged to $72,000 earlier this month but then fell by over 14%, influenced by ongoing ETF outflows and the German government selling large amounts of Bitcoin. Additionally, Bitcoin mining companies have been selling off their coins, leading to a slight increase in Bitcoin balances on exchanges.

The Federal Reserve's stance on interest rates, given persistent US inflation, contrasts with other central banks like the Bank of Canada, ECB, and SNB, which have begun cutting rates. This broader economic context has also affected Jasmy’s performance. Mentions of Jasmy on social media and its trading volume have declined, with the daily average of JASMY traded on exchanges dropping to less than $160 million recently, down from over $500 million earlier this month. Futures market activity has similarly decreased, with open interest falling from $82 million on June 5th to $40 million.

Technically, the sell-off began when JASMY formed a long-legged doji candlestick pattern on June 4th, a common indicator of a reversal in technical analysis. Currently, JASMY has developed a bearish pennant pattern, which typically leads to a further drop in price as it approaches the confluence point. Unless market conditions improve, the token is likely to decline further.

However, JasmyCoin has managed to stay above the 50-day moving average and the key support level of $0.02757, the high point in March. A further downside will be confirmed if the price falls below this critical level.