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Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Bitcoin has collapsed to $54 thousand

July, 05 2024
watermark Economic news

Bitcoin collapsed to $54,000 last night, which could be its biggest drop since the FTX crash.


One of the main factors was the distribution of bitcoins from the Mt. Gox exchange. 52,633 bitcoins were transferred overnight, which had a significant psychological impact on the market and triggered proactive sales.


The second reason for the drop is related to the decision of the German government to begin liquidating its bitcoin reserves. Transactions were recorded on major exchanges such as Bitstamp, Coinbase and Kraken.


Additionally, the market is experiencing a sharp increase in the liquidation of long positions. The pressure on miners due to declining profits also has a negative impact on the value of the cryptocurrency.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.