Crypto Crash caused by Mt Gox and Germany, Kamala Harris memecoin explodes

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Last Updated on 5 July 2024 by CryptoTips.eu

Bitcoin plunged below the $56,000 level after it emerged that both the Mt Gox and the German government crypto wallets were moving more and more Bitcoins to platforms such as Coinbase and Binance.

The lawyers handling Mt Gox’s refunds moved hundreds of million dollar worth of Bitcoin from some well-known crypto wallets to Coinbase during trading hours in Japan, creating a lot of selling pressure.

This was followed by the news that the German government was also transferring more and more Bitcoins in the same way.

“Among the top reasons for the price drop was the German government moving more than $50 million to crypto exchanges, creating sell speculation in the market,” Lucy Hu, a senior analyst at crypto investment firm Metalpha explained

All other major cryptocurrencies fell along with Bitcoin, which is now trading at its lowest level in two months.

Advertentie.

Politifi

‘Political Finance Coins’ or Politifi are the latest craze in crypto land. After TRUMP (Donald Trump), PEPE and MAGA, there was also BODEN (Joe Biden). Now since this week there is also KAMA (Kamala Harris), and that memecoin is rising very fast.

The televised debate between former President Donald Trump and President Joe Biden at the end of June appears to have caused crypto investors to lose faith in Biden. His memecoin, “Boden” lost some 75% in the past week alone.

Meanwhile the newest politifi memecoin, that of Vice President Kamala Harris, is pumping like a rocket. On Coingecko, the value of that KAMA memecoin increased by 700% since the debate between Trump and Biden. This is because many observers believe that Kamala Harris will take over from Joe Biden as the Democratic presidential candidate.

Beware, trading in memecoins is extremely volatile and if Harris is not nominated as the presidential candidate soon, the value of that memecoin could drop again very quickly.

It’s all great fun to watch of course.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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