King Crypto Decline To $51K Feared By Analyst

Bitcoin, Ethereum, Dogecoin crash across the board as Mt. Gox moves $2.7 billion to new wallet: analysts fear the king of cryptocurrencies could fall to $51,000

The cryptocurrency market crashed on Thursday, sending investors reeling from the speculation that billions of dollars in cryptocurrencies were moving. Bitcoin (Cryptocurrency: BTC) ahead of possible increased selling pressure.


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what happened: Bitcoin Bitcoin has plummeted to the $57,000 range, its lowest since Feb. 28. The world’s largest digital asset has fallen 9.5% since the start of the week and is down nearly 21% from the all-time high it hit earlier this year.

The second largest cryptocurrency, Ethereum, It fell to its lowest price in six weeks.This wiped out all the gains made since the hype of spot ETF approval in mid-May.

The selling pressure is 47,228 Bitcoins moved, worth $2.7 billiona closed cryptocurrency exchange Mount Gox They may be moved from the cold wallet to a new wallet in preparation for paying creditors.

The crash triggered the biggest wave of liquidations since mid-April, with $541.45 million in futures contracts wiped out in the past 24 hours, including a staggering $472 million in long liquidations.

Bitcoin’s open interest has plummeted by 7% in the past 24 hours. The drop in price, along with the decline in open interest, is seen as a positive sign as some analysts believe the downtrend will end once all long positions are liquidated.

Trending: One in four Americans owns Bitcoin, according to Nasdaq. How many people have started through this free cryptocurrency faucet?

The Crypto Fear and Greed Index emitted a “fear” signal, suggesting investors are bearish on the market outlook, but such conditions also provide a buying opportunity for bold bargain-hunting investors.

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The global cryptocurrency market capitalization fell 6.06% over the past 24 hours to $2.09 trillion.

Stock futures were trading flat Thursday night. Dow Jones Industrial Average Futures As of 9 p.m., it was up 0.08%. S&P 500 It increased by 0.01%. Nasdaq 100 Futures It fell 0.03%.

Markets open on the Friday after the July 4th Independence Day holiday, and investors are now focused on the release of June’s employment report.

see next: Best Cryptocurrency Scanner

Analyst Note: Widely followed cryptocurrency analyst Ali Martinez He issued a bearish warning that Bitcoin could fall further.

“Anytime Bitcoin closes below $57,000, it could be problematic, with the only potential support being at $51,000,” Martinez said.

“If BTC can break out of this level, the next major target is $78,700,” Martinez explained.

Positive predictions by popular analysts Recto Capital He highlighted that King Crypto is likely to peak around mid-September or mid-October 2025.

“The longer Bitcoin remains stable after the halving, the better it will be to sync up the current cycle with the traditional halving cycle,” the trader opined.

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This article Bitcoin, Ethereum, Dogecoin crash across the board as Mt. Gox moves $2.7 billion to new wallet: analysts fear the king of cryptocurrencies could fall to $51,000 Originally Benzinga

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