CDS Crypto News Stay Informed: Key Crypto News from July 5
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Stay Informed: Key Crypto News from July 5

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Stay Informed Key Crypto News from July 5

Dive into the Latest Crypto News from July 5

Dive into the Latest Crypto News from July 5
Stay Informed: Key Crypto News from July 5 1

As the first week of July came to a close, the crypto sector was extremely turbulent. Both the decline of leading cryptocurrencies and the difficulty of altcoins scared investors.

  • The chart shows the U.S. spot bitcoin ETFs’ flows since they commenced trading in January, with the BTC price overlaid on top.
  • The initial run of almost constant inflows up until early March coincided with continuous surges in bitcoin’s price.
  • Since then, however, ETF flows have had markedly less significant effects.

Bitcoin, Mt. Gox Drops to $53,600 Before Refunds

As Mt. Gox transferred a sizable portion of Bitcoin to a new wallet, possibly in anticipation of creditor payments, the price of Bitcoin fell to its lowest point since the end of February. After plunging as low as $53,600, Bitcoin has since recovered to slightly over $55,000, a decrease of 4.75% over the previous day. There have been worries, meanwhile, that creditors will sell their coins as soon as they are received, putting pressure on the market for mass sales.

Ether and Dogecoin Plummet: Sharp Losses in the Altcoin Market

During the downturn, major altcoins saw significant losses. Ether and dogecoin were among the worst hit. DOGE is down nearly 6.16%, while ETH has dropped by 5.06%. More than $580 million worth of bullish wagers were liquidated, according to Coinalyze data. The trade of ETH worth $18.4 million on Binance was the largest single liquidation order.

Mining Profits in the Bitcoin Slump

This week, bitcoin dropped below $54,000, a level that would indicate a local bottom, leaving just five mining rigs profitable for their operators. According to mining giant F2Pool, ASICs with less efficiency than 23 W/T operate at a loss at a rate of $0.08/kWh. As long as prices are above $53,100, four different Antminer rigs and one Avalon rig are lucrative, according to F2Pool’s graph. The operating costs of all other mines are now more than the profits their operators obtain.

For more up-to-date crypto news, you can follow Crypto Data Space.

Stay Informed: Key Crypto News from July 5
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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