Crypto Collapse:Global Market Cap Plummets Below $2 Trillion

Crypto market cap falls 8.9%, now standing at $2.09 trillion

• Bitcoin plummeted to $55,000 after Mt. Gox transferred 44,700 Bitcoin within the last two hours

• German MP Joana Cotar criticized the Bitcoin sell-off, suggesting it diversifies treasury assets and counters currency risks

Major Events To Watch

Crypto Fear and Greed Index:

Crypto market sentiment remains fearful, with the Fear and Greed Indicator at 29. Fear levels have decreased slightly from yesterday's 44 readings.

Cryptocurrency prices have seen declines in the last 24 hour

TOP 5 Losers Coins

Latest Market Update: 

• #Bitcoin ($BTC) dropped below $55,000 amidst ongoing market turmoil and Mt. Gox's $9 billion sell-off.

• Other major cryptocurrencies like #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) also saw declines.

• #UNUS SED LEO ($LEO) showed marginal gains of less than 1%.

• while #CORE suffered a significant 24-hour loss of nearly 22%.

• The total cryptocurrency market volume in the past 24 hours reached $118.7 billion, marking a 40.08% increase.

• DeFi's total volume accounted for $7.66 billion, constituting 6.45% of the overall crypto market volume.

• Stablecoins dominated with a volume of $111.27 billion, representing 93.73% of the total crypto market's 24-hour volume.

• Bitcoin's dominance stood at 53.99%, up by 0.56% from the previous day.

Major Worldwide News Update:

• Bitcoin faces intense selling pressure, plunging 4.35% in 24 hours to dip below $54,500. Mt. Gox's revival stirs unease as $2.7 billion worth of BTC moves, with market volatility heightened by German government sales. Liquidations approach $200 million, correlating less with global stocks amid escalating market caution.

• German lawmaker Joana Cotar urges the government to halt Bitcoin sales, advocating its adoption as a strategic reserve currency to diversify assets, hedge against inflation, and foster innovation. Despite market pressures, Germany has sold $434.9 million worth of Bitcoin since June 19, reducing holdings to $2.4 billion amid global economic uncertainties.

• Labour's landslide UK election win sees Keir Starmer set to become Prime Minister, raising hopes for clearer crypto regulations. Uncertainty looms as crypto-friendly MPs leave, contrasting with US focus on crypto policy. UK awaits Labour's stance; market eyes US lead under Trump post-2024.

• Michael Saylor of MicroStrategy reaffirmed Bitcoin's role in financial independence on July 4, amidst market turmoil. Despite Bitcoin's recent 10% decline, MicroStrategy continues buying, acquiring 11,931 BTC in June. Saylor remains optimistic, emphasizing long-term investment despite current market challenges and widespread sell-offs by miners and holders.

• June's nonfarm payrolls report, crucial amid economic uncertainties, is expected to show slower growth with economists forecasting 200,000 new jobs, down from May's 272,000. Despite a solid historical pace, rising unemployment and sluggish GDP growth in 2024 prompt concerns. Disparities between payroll and household job counts add to economic observations.

• Bitcoin's drop below $55,000 triggers panic selling in altcoins, with Ethereum and top ten coins crashing 10-20%. Ethereum's crucial $3,000 support failed, leading to significant liquidations. Despite hints of an Ethereum ETF, negative market sentiment prevails. FUD spikes on social media, influencing trader sentiment, while meme coins plummet, raising doubts about their future.

COIN GABBAR Views: Has Bitcoin's slide to a two-month low been triggered by the Fed's reluctance to cut rates? Could July 2024 mirror May 2021's downturn? Is this the onset of a bear market, with Bitcoin potentially collapsing below $50,000? Has the BTC bull run ended, marked by bulls losing the 200-day moving average? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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