The crypto market remained sluggish in July, with multiple factors affecting Bitcoin prices.
After two months of sluggishness, the crypto market in July did not see the anticipated rebound. On the contrary, some negative factors intensified investors' panic, leading to a decline in Bitcoin prices, dragging the entire crypto market down. Although the market has suffered a severe blow, the emergence of some favorable factors has led many to believe that the crypto market may start to see a turnaround in the fourth quarter of 2024.
Current important bearish factors
Mt. Gox compensation triggers panic in the market: Bitcoin price plummets
The compensation issue of the Mt. Gox incident has attracted significant attention from the market, with a sell-off pressure of as much as 142,000 BTC and 143,000 BCH, which briefly triggered panic in the market on June 24, causing the BTC price to drop to around 60,000 dollars.
With the compensation officially starting on July 5th for Mt. Gox,