pull down to refresh

What caused the cryptocurrency market to crash on June 24, 2024?
0 sats \ 3 comments \ @nakatoshi 24 Jun 2024 bitdevs outlawed

What caused the cryptocurrency market to crash on June 24, 2024?

A combination of factors:

  • "Sell in May and go away" sentiment: Traditional investors typically withdraw capital from the stock market in May and reinvest it in the fall. This trend may be spreading to the cryptocurrency market, leading to falling prices.
  • Summer liquidity: Trading volume typically declines during the summer, which can lead to more volatility and price drops.
  • CoinShares sale of FTX stake: CoinShares, a cryptocurrency investment firm, sold its stake in FTX for £31.32 million, signaling a possible loss of confidence in the market.
  • BtcTurk hack: Turkey's largest cryptocurrency exchange was hacked, leading to the theft of €51 million. This shook investor confidence and may have driven selling.

Highlights:

  • Total cryptocurrency market capitalization (TOTALCAP): Fell to $2.21 trillion, with an outflow of $70 million in the past 24 hours.
  • Bitcoin (BTC): Fell below the $63,000 support level and is trading at $62,282. Price could fall to $60,000.
  • LayerZero (ZRO): Altcoin fell 14% in the past 24 hours, possibly due to falling demand or the overall market trend. Could fall to $2.50 or less.

Possible recovery:

  • TOTALCAP: Needs to recover above $2.20 trillion and turn the $2.29 trillion resistance into support to start a reversal.
  • BTC: Needs to regain the $63,000 support level to rise to $65,000.
  • ZRO: A recovery above $2.50 could signal the start of a new upward move to $3.00.

Remember:

  • The cryptocurrency market is highly volatile and subject to sudden changes.
  • It is crucial to do your own research before investing in cryptocurrencies.
  • The articles above provide information only and should not be considered financial advice.
write
preview
related posts
21 sats \ 1 reply \ @Wumbo 24 Jun 2024

Mt Gox coins being released could also be a reason.

https://www.coindesk.com/markets/2024/06/24/mt-gox-to-begin-bitcoin-bitcoin-cash-repayments-in-july/

Does not matter in the long run, 1BTC still equals 1BTC

reply
0 sats \ 0 replies \ @nakatoshi OP 24 Jun 2024

You're right. I observed this Mt_Gox event and realized that it represents about 3.5% of all valid Bitcoins. It can shock the unsuspecting and make them panic to sell. This is good for Resilients who will have another opportunity to fill their cart at very attractive prices.

Mt. Gox Repayment: What You Need to KnowMt. Gox Repayment: What You Need to Know

The Story:

  • Mt. Gox, a now-defunct cryptocurrency exchange, was hacked in 2014, resulting in the theft of over 740,000 bitcoins (worth roughly $15 billion today).
  • After years of delays, Mt. Gox has finally announced that it will begin repaying victims in July 2024.
  • The repayments will be made in both Bitcoin (BTC) and Bitcoin Cash (BCH).

Potential Impact:

  • The release of a large amount of Bitcoin (over 140,000) could put downward pressure on the Bitcoin price as some early investors may choose to sell.
  • This could be a significant event as Mt. Gox once handled a majority of Bitcoin transactions.

Key Details:

  • The repayments will be distributed in stages, with safety measures in place.
  • Mt. Gox received a court deadline of October 2024 for the repayments.
  • The recent movement of Bitcoin from Mt. Gox wallets to an unknown address might be related to the repayments.
  • Bitcoin prices dipped slightly after the announcement, but the long-term impact remains to be seen.

Additional Points:

  • This is a complex situation with several moving parts.
  • The full impact on the Bitcoin market is uncertain.
  • It's important to stay informed and do your own research before making any investment decisions related to Bitcoin.

Further Resources:

  • You can find the original CoinDesk article [here](link to coindesk article about mt gox repayment).
  • Keep an eye on cryptocurrency news websites for updates on the Mt. Gox repayments and their impact on the market.
reply
0 sats \ 0 replies \ @nakatoshi OP 24 Jun 2024

The Crypto Market Rollercoaster: Cardano Crashes, FLOKI Flounders, and RECQ RoarsThe Crypto Market Rollercoaster: Cardano Crashes, FLOKI Flounders, and RECQ Roars

The crypto market is experiencing a downturn, and no coin is safe from the wild ride. Here's a breakdown of some of the biggest movers:

Cardano (ADA): A Big Fall from Grace

  • The Situation: Cardano, a popular platform for building decentralized applications (dApps), has seen a significant price drop. This comes despite the ecosystem's rapid growth and developer interest.
  • Why the Drop? The overall market decline is the main culprit. Cardano lost key price levels, especially gains made after the launch of the Bitcoin ETF. Investor sentiment is currently negative.
  • A Glimer of Hope: Analysts predict a rebound for ADA. This could be an opportunity for savvy investors to buy the dip. Some even believe ADA could outperform new altcoins like Param and zkSync in the future.

FLOKI (FLOKI): Feeling the Bearish Squeeze

  • The Struggle is Real: FLOKI, the prominent dog-themed memecoin, is another victim of the bearish market. Investors are selling their FLOKI holdings, searching for greener pastures.
  • More Than Just FLOKI: It's not just FLOKI that's suffering. The entire memecoin sector is in the red, including Solana memecoins and newer trends like president and celebrity memecoins.
  • Hope Springs Eternal: A general market recovery could lift FLOKI's price. Long-term holders are advised to HODL (hold on for dear life) as the long-term outlook remains promising, but expect some volatility in the meantime.

Rebel Satoshi Arcade (RECQ): A Rising Star

  • Bucking the Trend: In stark contrast to the rest, RECQ, a memecoin associated with the Rebel Satoshi ecosystem, is experiencing a surge in popularity during its presale.
  • Why the Hype? RECQ offers a unique combination of functionalities: governance, utility for arcade games, NFT purchases, and fee payments. It also appeals to memecoin enthusiasts and taps into the trending GameFi and NFT spaces.
  • Analyst Optimism: The fast-selling presale with tokens priced at $0.0044 and analyst projections of a 65x increase after launch fuel the bullish sentiment surrounding RECQ.

In Conclusion:

The crypto market is a land of extremes. While established players like Cardano face setbacks, newcomers like RECQ are generating excitement. FLOKI represents the struggles of the memecoin sector caught in the market downturn.

reply