Bitcoin Dips to 55K - Any Chances of Reversal? 😐

Explore the latest industry news, insightful data, and exciting updates from CoinMarketCap. ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌       [CoinMarketCap Spotlight Logo](~/AAQRxQA~/RgRoamF2P0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS8_bGlkPWlzMmp4Yjk2cjNjNVcDc3BjQgpmfXbch2YWgHCyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~)   Crypto is having its own version of the doomsday today. Just hours ago, news broke that Mt. Gox has finally initiated its first repayment as part of its long-awaited rehabilitation plan. This is big news for those who've been waiting years to reclaim their lost funds. But that's not the only thing shaking crypto today. The German government has decided this is the perfect moment to start selling off its Bitcoin stash. These two events have spread FUD in the market, pushing Bitcoin's price below the $55K mark. We're seeing a wave of panic selling, particularly from newer investors who joined the crypto game following the Bitcoin ETF approval. But let's look at the silver lining! The Mt. Gox rehabilitation plan isn't exactly straightforward. Creditors need to go through a complex process to reclaim their funds, and it's not just a matter of clicking a few buttons and typing in some information. There's a real possibility that some creditors might struggle to meet all the requirements. This could potentially mean not all the Bitcoin expected to flood the market will actually make it there. As for the German government's sell-off, an unexpected player has entered the game. Justin Sun has announced his willingness to buy up Germany's entire Bitcoin stash. His goal? To minimize the impact on the market. It's an intriguing move that raises questions about the power of individual actors in the crypto space. Can one person's actions really stabilize a market in turmoil? So, let’s discuss these events in detail and all the other big stories that happened in crypto in the past 24 hours. Here is a quick rundown of the top headlines: - Bitcoin’s new holders are contributing majorly to the sell pressure. [Any chance](~/AAQRxQA~/RgRoamF2P0R0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvYml0Y29pbnMtbmV3LWludmVzdG9ycy1zb2xkLW9mZi1kdXJpbmctcmVjZW50LW1hcmtldC1jaG9wP2xpZD1mM2E2bzgzczdpeGxXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) of it cooling down soon? 🏁 - German lawmaker urges German government to halt Bitcoin sell-off. [How many](~/AAQRxQA~/RgRoamF2P0SWaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvZ2VybWFuLWxhd21ha2VyLXVyZ2VzLWdvdmVybm1lbnQtdG8taGFsdC1iaXRjb2luLXNlbGwtb2ZmLWFuZC1hZG9wdC1pdC1hcy1zdHJhdGVnaWMtcmVzZXJ2ZT9saWQ9ZTNueTlmaDlsNDU0VwNzcGNCCmZ9dtyHZhaAcLJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) Bitcoins are they preparing to dump this year? 🇩🇪 - Justin Sun offers to buy Germany's Bitcoin stash. Is he serious or is it just a marketing stunt? Has [he tried](~/AAQRxQA~/RgRoamF2P0SPaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvanVzdGluLXN1bi1vZmZlcnMtdG8tYnV5LWdlcm1hbnlzLXJlbWFpbmluZy1kb2xsYXIyM2ItaW4tYml0Y29pbi10by1zdGFiaWxpemUtbWFya2V0P2xpZD11cjg1bnZmamNuMzlXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) approaching the authorities yet? 🦸‍♂️ - Friend.tech's takes a U-turn on its decision to leave Base. But why would they even announce to leave Base? Are users [losing their faith](~/AAQRxQA~/RgRoamF2P0SCaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvZnJpZW5kdGVjaC1yZXZlcnNlcy1kZWNpc2lvbi10by1sZWF2ZS1iYXNlLWZyaWVuZC1kcm9wcy10by1hbGwtdGltZS1sb3c_bGlkPTNyd3hzNWsweHlob1cDc3BjQgpmfXbch2YWgHCyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) in Friend.tech? 🔄 - Kamala Harris-based memecoin surges. But what about Joe Boden? How [has it been](~/AAQRxQA~/RgRoamF2P0SIaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUva2FtYWxhLWhhcnJpcy10aGVtZWQtbWVtZWNvaW4tc3VyZ2VzLTI1MHBlcmNlbnQtYW1pZC1iaWRlbnMtcHJlc2lkZW50aWFsLXdvZXM_bGlkPXI5cHU3eXFrMDNhN1cDc3BjQgpmfXbch2YWgHCyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) performing so far? 🗳️ Let’s dive in after the market overview! MARKET OVERVIEW GLOBAL MARKET CAP $2.02T ▼5.01% (24h) 24H MARKET VOLUME $125.55B ▲39.54% (24h) BITCOIN’S DOMINANCE 53.94% ▲0.56% (24h) FEAR & GREED INDEX 38 Fear [Bitcoin] Bitcoin $55,318.77 ▼4.09% (24h) [Ethereum] Ethereum $2,940.28 ▼6.85% (24h) [BNB] BNB $483.15 ▼8.06% (24h) [ALL CRYPTO PRICES/DATA »](~/AAQRxQA~/RgRoamF2P0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS8_bGlkPWIwNTBpeXJxY3Z5eFcDc3BjQgpmfXbch2YWgHCyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [TRENDING CRYPTO »](~/AAQRxQA~/RgRoamF2P0RFaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS90cmVuZGluZy1jcnlwdG9jdXJyZW5jaWVzLz9saWQ9aXN6aDExdGluZjVpVwNzcGNCCmZ9dtyHZhaAcLJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) [NEW LISTINGS ON CMC »](~/AAQRxQA~/RgRoamF2P0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9uZXcvP2xpZD1yc2ppZTVoczhzcTFXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [TRENDING DEX PAIRS »](~/AAQRxQA~/RgRoamF2P0RAaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9kZXhzY2FuL3RyZW5kaW5nL2FsbC8_bGlkPW9kOWx4ZHBnZHE1b1cDc3BjQgpmfXbch2YWgHCyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) Data as of: 05 Jul 2024 11:40 UTC TOP GAINERS 24H% [DOGO] [DOGO](~/AAQRxQA~/RgRoamF2P0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ28vVwNzcGNCCmZ9dtyHZhaAcLJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) ▲4455.73% [UNITS Token] [UNITS Token](~/AAQRxQA~/RgRoamF2P0QxaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3VuaXRzLXRva2VuL1cDc3BjQgpmfXbch2YWgHCyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) ▲903.31% [CATX] [CATX](~/AAQRxQA~/RgRoamF2P0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2NhdHgvVwNzcGNCCmZ9dtyHZhaAcLJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) ▲658.98% TOP LOSERS 24H% [Michi] [Michi](~/AAQRxQA~/RgRoamF2P0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL21pY2hpLWJzYy9XA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) ▼99.48% [Koss] [Koss](~/AAQRxQA~/RgRoamF2P0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2tvc3MvVwNzcGNCCmZ9dtyHZhaAcLJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) ▼81.1% [BERNIE SENDERS] [BERNIE SENDERS](~/AAQRxQA~/RgRoamF2P0Q0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2Jlcm5pZS1zZW5kZXJzL1cDc3BjQgpmfXbch2YWgHCyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) ▼80.02%   Bitcoin's Newcomers Get Cold Feet Bitcoin's new holders are having a bit of a meltdown. As BTC's price took another dip to $55,000, we're seeing some interesting moves from those who joined the space after the ETF launch. CryptoQuant reported about $2.4 billion worth of Bitcoin, aged between three and six months, was on the move during the price drop. That's a lot of Bitcoins changing hands! It seems the newbies are getting jittery when it comes to price swings (isn’t this what price correction is all about, though?) Remember all that hype around the Bitcoin spot ETFs back in January? Well, after an initial $13 billion shopping spree, things have gone a bit... flat. But the OG Bitcoin holders, those diamond hands who've been in the game for over a year, aren't budging. But what about the selling pressure? Chances of it cooling off any time soon? [Read the full story](~/AAQRxQA~/RgRoamF2P0R0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvYml0Y29pbnMtbmV3LWludmVzdG9ycy1zb2xkLW9mZi1kdXJpbmctcmVjZW50LW1hcmtldC1jaG9wP2xpZD10MHk1Z3ExZDlhdnJXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)!   German Lawmaker Asks the Government to Hold Bitcoins Joana Cotar, a German lawmaker and Bitcoin enthusiast, is telling the government to pump the brakes on their Bitcoin sale. In a letter, Cotar urged officials to stop "hastily disposing" of their Bitcoin stash. Instead, she's suggesting they treat it like a "strategic reserve currency." Cotar called further sell-offs "not sensible" and "counterproductive." She's even inviting her fellow politicians to a "Bitcoin Strategies for Nation States" event. But how many Bitcoins have been sold off by the German government so far? And how many are they preparing to dump this year? [Read the full story](~/AAQRxQA~/RgRoamF2P0SWaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvZ2VybWFuLWxhd21ha2VyLXVyZ2VzLWdvdmVybm1lbnQtdG8taGFsdC1iaXRjb2luLXNlbGwtb2ZmLWFuZC1hZG9wdC1pdC1hcy1zdHJhdGVnaWMtcmVzZXJ2ZT9saWQ9MG5qMnYza2hocTlpVwNzcGNCCmZ9dtyHZhaAcLJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~)!   Join The CoinMarketCap Community Engage in discussions, read insightful articles, and share your views on the latest market trends. This is your hub for enriching your understanding and connecting with fellow enthusiasts. [Join Now](~/AAQRxQA~/RgRoamF2P0SMaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jb21tdW5pdHkvP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj11c2VyX3NpZ25fdXAmdXRtX2NvbnRlbnQ9Y29tbXVuaXR5JmxpZD1samt2Z2x2dHNwZmtXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Join CoinMarketCap Community](~/AAQRxQA~/RgRoamF2P0SMaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jb21tdW5pdHkvP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj11c2VyX3NpZ25fdXAmdXRtX2NvbnRlbnQ9Y29tbXVuaXR5JmxpZD1oaDZoZ2pndHdiODZXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)   Justin Sun Trying to Save the Day And Justin Sun is ready to save the day - or at least is trying to stop Germany from crashing Bitcoin further. The Tron founder has just offered to buy up all of Germany's remaining $2.3 billion Bitcoin stash. This comes following Germany's latest Bitcoin dump. They've been offloading their crypto, causing quite a stir in the market. Just today, they moved another $75 million worth of Bitcoin to exchanges. Bitcoin's price? Well, it's seen better days. So is he serious or is it just a marketing stunt? Has he tried approaching the authorities yet? [Read the full story](~/AAQRxQA~/RgRoamF2P0SPaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvanVzdGluLXN1bi1vZmZlcnMtdG8tYnV5LWdlcm1hbnlzLXJlbWFpbmluZy1kb2xsYXIyM2ItaW4tYml0Y29pbi10by1zdGFiaWxpemUtbWFya2V0P2xpZD1ycHUyMjV6amE3ZTdXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)!   Friend.tech's Base U-Turn Friend.tech seems to be having a major commitment issue with Base. After announcing their departure from Coinbase's layer-2 network a month ago, they've now decided to stick around. This flip-flop sent the FRIEND token into a dive. It hit a new all-time low of $0.2973 on Thursday morning, and it's still falling. It’s a 60% drop in just a week and a 90.5% drop from its May highs. But why would they even announce to leave Base? Are users losing their faith in Friend.tech? [Read the full story](~/AAQRxQA~/RgRoamF2P0SCaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvZnJpZW5kdGVjaC1yZXZlcnNlcy1kZWNpc2lvbi10by1sZWF2ZS1iYXNlLWZyaWVuZC1kcm9wcy10by1hbGwtdGltZS1sb3c_bGlkPXhpOGtyMzJqdzZxblcDc3BjQgpmfXbch2YWgHCyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~)!   2024 New Token Listing Analysis [2024 New Token Listing Analysis: Trends, Challenges, and the Altcoin Season Index](~/AAQRxQA~/RgRoamF2P0SJaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvMjAyNC1uZXctdG9rZW4tbGlzdGluZy1hbmFseXNpcy10cmVuZHMtY2hhbGxlbmdlcy1hbmQtdGhlLWFsdGNvaW4tc2Vhc29uLWluZGV4P2xpZD1nOTd3b2pjazFyeHNXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) We analyse the performance of the newly listed projects in 2024 on the big 4 exchanges, and what it says about the current market. [Read More](~/AAQRxQA~/RgRoamF2P0SJaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvMjAyNC1uZXctdG9rZW4tbGlzdGluZy1hbmFseXNpcy10cmVuZHMtY2hhbGxlbmdlcy1hbmQtdGhlLWFsdGNvaW4tc2Vhc29uLWluZGV4P2xpZD1qY255NnlkeGV4ZTFXA3NwY0IKZn123IdmFoBwslIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)   And Something About Political Memecoins Meet Kamala Horris (KAMA), the latest memecoin sensation that's making major moves. This Solana-based token, featuring a cartoon of the VP that looks like it was drawn by a toddler with a crayon, has just pulled off a 250% surge. What's behind this rise? Turns out, President Biden's debate performance against Trump was about as impressive as a wet firecracker. Now, there's chatter about Harris potentially stepping in if Biden bows out, making Kamala-based tokens skyrocketing in price. KAMA's market cap shot up from $3.5 million to $11.9 million. It even touched $22.2 million at one point. But what about Joe Boden? How has it been performing so far? 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