Crypto Weekly (01/07 – 07/07): BTC Drops to Lowest Level in 5 Months

The crypto market was heavily battered last week as Bitcoin plummeted to its lowest level since February this year, dragging many altcoins down by several dozen percent.

Crypto Market Highlights of the Past Week

The first week of July witnessed a significant decline in Bitcoin (BTC). The price of this leading cryptocurrency plummeted from $63,900 to $53,800, marking its lowest level since February this year. Currently, BTC is trading around $54,700.

This sharp drop is attributed to several factors, most notably the news of major institutions selling off substantial amounts of Bitcoin. The most notable action was by the German government in liquidating its cryptocurrency assets.

Additionally, another factor that could impact the market is that Mt. Gox exchange users will start receiving their funds from this July. This could lead to increased selling pressure in the market.

Chart BTC

Top 10 Gainers of the Week

Source: Coinmarketcap

Top 10 Losers of the Week

Source: Coinmarketcap

Significant News of the Week

AI Captivates Cryptocurrency Investors
FT Sales Drop 44% Amid Crypto Market Downturn
Vitalik Buterin Reveals Major Ethereum Update

Token Unlocks This Week

Next week, large amounts of tokens will be unlocked for XAI, IMX, and APT, with equivalent values of $55 million, $41 million, and $63 million, respectively.

Source: token.unlock

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