In recent years, the world of cryptocurrency has been a rollercoaster ride of excitement, speculation, and jaw-dropping returns. Bitcoin (BTC), Ethereum (ETH), and a myriad of altcoins have captured the imagination of investors, tech enthusiasts, and even skeptics. However, as we navigate through 2024, there is a growing sentiment in the air: has the crypto bull market finally come to an end?
It seems fears of looming selling pressure on BTC from defunct exchange Mt. Gox and possible miner sales pushed BTC under $59,000 for the first time since late April.
Mt. Gox will start distributing assets stolen from clients in a 2014 hack in July 2024, after years of postponed deadlines. The repayments will be made in BTC and bitcoin cash (BCH), which could be setting the stage for additional selling pressure to both markets and added uncertainty in the space. For now it seem like the landscape appears different. The euphoria that characterized the bull market seems to have dissipated. As of this morning futures trades lost over $230 million in the past 24 hours due to liquidations. These liquidations were the highest since late June.
With already stretched traders these liquidations keep removing money from the markets creating a very negative space where people are less likely to keep piling money into the space. I don't know about you, but the profit gouging of cooperations or as the media like ton say inflation has still increased I know my expendable income has dropped. The first thing to go is crypto spending. I know economist say things are getting netter and stocks just hit an all time high, but my day-to-day sure stills like it's getting harder.
I don't want to get too political, but it is the 4th of July so my PSA for the day is for the love of god Don't let the 'inflation' be a reason to vote republican if you are in the USA. Republicans don't have a plan fix the issue. The only plan they have is to take over and destroy America. I need to do a deep dive into Project 2025, but for now I don't have the emotional energy to summarize their plan because it's too scary...