Why are coins down? Why is the crypto market down?
As of July 5, cryptocurrency markets have been experiencing major declines. Bitcoin fell below $54,000 during the day, while altcoins lost much more value.
News
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Mining difficulty drops sharply along with Bitcoin price
As the cryptocurrency world focuses on the Mt. Gox exchange, a new mining difficulty adjustment took place early this morning. Bitcoin mining difficulty dropped 5% to below 80 trillion.
Mt. Gox starts Bitcoin transfers: Price drops to $53,000
In the cryptocurrency world, the Mt. Gox-related massive selling pressure continues. Following yesterday’s test transfers, the exchange’s bankruptcy administration moved more than $2.7 billion worth of Bitcoin in multiple consecutive transfers overnight.
Whale moves $100 million to Binance, Bitcoin drops 3%: Mt. Gox sales started?
Bitcoin, which started July with a rise and exceeded $63,000 on Monday, turned its direction down again. The decline came after a whale moved more than $100 million worth of Bitcoin to the Binance exchange in the last 24 hours. Mt. Gox sales may be another reason behind the decline.
VanEck executive puts forward a requirement for approval of Solana ETF
Matthew Sigel, a director at VanEck, which filed for a Solana spot ETF in the US last week, said that he thinks the funds will be accepted, but only if the SEC chairman changes. Sigel also said that the lack of a regulated futures market for Solana in the world would not be a disadvantage and that VanEck could easily secure the ETF.
QCP and Coinbase predict a rise in Bitcoin in July
QCP and Coinbase, which stand out with their analysis on cryptocurrencies, expect a rise in Bitcoin in July. Analysts from the two companies said that while July was “generally” positive for Bitcoin, they think that Bitcoin-Ether spot and futures volumes, which fell in May and June, will start to increase.
Bitcoin could break a record in August and reach $100,000 in November: Standard Chartered
Analysts at British giant Standard Chartered, which has published several positive reports on cryptocurrencies in the past, believe that the US elections will play an important role in the price movement. According to the bank’s latest report, Bitcoin may rise further with the increasing likelihood of Donald Trump winning the election, and may even break a record in August. It was stated that Biden’s withdrawal from the election race could bring a sharp decline in Bitcoin.
What does Binance’s announcement mean for Turkish cryptocurrency investors?
While Turkey enacted the cryptocurrency regulations it has been talking about for a long time and officially put them into effect last night, a very important statement came from the Binance exchange in the afternoon hours today. The exchange said it welcomed the regulations in Turkey and announced some changes for Turkish users.
Binance’s announcement on Turkey: “There will be some important changes”
Following the publication of Turkey’s cryptocurrency law in the Government Gazette, the Binance exchange issued an important statement and announced some updates to its operations in the country. The exchange stated that Binance.com will continue to be accessible from Turkey, while the Turkish language option (for Binance.com users) will be gradually closed over time.
German government transfers more than 800 BTC
The German government continues its Bitcoin sales, which started recently. More than 800 BTC were released from the wallet belonging to the German government today. Some of the Bitcoins were again transferred to Kraken, Bitstamp and Coinbase exchanges.