Crypto News - 5 July 2024

Crypto News - 5 July 2024

Jul 5, 2024

The largest liquidation event since the FTX fiasco happened this week with close to a billion dollars in long positions being liquidated. Crypto market sentiment is at its lowest point since January 2023, looking at the Fear & Greed Index today we are in deep Fear territory.

So who or what is to blame? Well they say bad news comes in threes and this week is no exception, here’s what we know:

  1. The German government has been selling Bitcoin like crazy, they sold over 7.5k Bitcoin worth close to half a billion dollars and they still have over 40k BTC left.

  2. Mt. Gox, the first ever Bitcoin exchange that suffered major losses, is finally starting to pay out owed BTC to its customers from many years ago. Over 47k BTC were moved to a new wallet yesterday in preparation for July repayments.

  3. The US government also has a huge 213k cache of BTC, some of which they moved to a new wallet this week.

The German Government decided to dump their BTC on the market on the 4th of July while we were out trying to enjoy the holiday, charming! An independent German Member of Parliament, Joahna Cotor has slammed the government's decision to “hastily” sell the bitcoin they hold. It appears that the German Government has since withdrawn some of their BTC from exchanges.

Taking a look at our chart this week we have taken a snapshot of the assets that fell the most on the 7 day - you can find the full list in our CoinGecko portfolio here.

With the dramatic drop in the market yesterday, Metal Pay saw higher user activation than usual - and that’s on a public holiday, so I imagine many of you, like us, were glued to our phones during the family BBQ and fireworks shows, potentially taking advantage of the steep discounts on show at the same time. For those that are holding on for the ride, hands and arms should remain inside the vehicle at all times.

Experience swift, secure crypto trading with Metal Pay. Benefit from the lowest fees, easy card purchases, and dedicated 24/7 human support. Simplify your digital asset transactions with us.

Metal Pay is a service of Metallicus, Inc., a licensed provider of money transfer services (NMLS ID: 2057807).
All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.’s licenses. © 2024 Metallicus, Inc.

License issued to Metallicus by the Louisiana Office of Financial Institutions does not cover the exchange or transmission of virtual currency. All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.'s licenses and/or the applicable law depending on the jurisdiction.

Experience swift, secure crypto trading with Metal Pay. Benefit from the lowest fees, easy card purchases, and dedicated 24/7 human support. Simplify your digital asset transactions with us.

Metal Pay is a service of Metallicus, Inc., a licensed provider of money transfer services (NMLS ID: 2057807).
All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.’s licenses. © 2024 Metallicus, Inc.

License issued to Metallicus by the Louisiana Office of Financial Institutions does not cover the exchange or transmission of virtual currency. All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.'s licenses and/or the applicable law depending on the jurisdiction.

Experience swift, secure crypto trading with Metal Pay. Benefit from the lowest fees, easy card purchases, and dedicated 24/7 human support. Simplify your digital asset transactions with us.

Metal Pay is a service of Metallicus, Inc., a licensed provider of money transfer services (NMLS ID: 2057807).
All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.’s licenses. © 2024 Metallicus, Inc.

License issued to Metallicus by the Louisiana Office of Financial Institutions does not cover the exchange or transmission of virtual currency. All money transmission is provided by Metallicus, Inc. pursuant to Metallicus, Inc.'s licenses and/or the applicable law depending on the jurisdiction.