The crypto market knew the day was coming when the Mt. Gox repayments would start, but it appears it was not priced in as Bitcoin plunged in price overnight, with the rest of the crypto market following suit. Some analysts predict the slide has a way to go yet, and long positions are getting liquidated en masse. The Crypto Fear and Greed Index has moved into deep “fear” territory, yet some of the most popular traders are seemingly unfazed. In fact, it’s not just the traders who are staying cool; Justin Sun has offered to buy all of the $2.3 billion of BTC the German government is offloading.

Further reading:

• Bitcoin drops below $54K as crypto liquidations near $665M
• Mt. Gox moves $2.7B in Bitcoin to new wallet address
• Mt. Gox begins repayments in Bitcoin and Bitcoin Cash
• Watch these Bitcoin price levels next as $52K supertrend risks failure
• Justin Sun offers to buy German gov’t’s $2.3B Bitcoin stack to minimize market impact
• Web3 users reached an all-time high of 10M in Q2: DappRadar

So, grab yourself a coffee, and let’s get into it!

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