BTC, BCH crash as Mt. Gox starts Bitcoin repayments; impact on BITBOT?

Bitcoin (BTC) crashed to push the total crypto market cap down 9%, with price reaching lows of $54,000. Meanwhile, Ethereum plunged to below $2,850 and Bitcoin Cash fell more than 17% to near $290.

While bears are likely to come for more, analysts are bullish on BTC long term. But what does this mean for Bitcoin Cash, other alts and new Telegram trading bot Bitbot (BITBOT)?

Crypto carnage amid Mt. Gox repayments

Bitcoin has struggled since Mt. Gox announced that repayments to customers would commence in July.

Coupled with miner selling and government wallets dumping, it was already tough for bulls. But it’s on Friday, July 4 that the first big blow fell – Mt. Gox started to send Bitcoin and Bitcoin Cash to some of the defunct crypto exchange’s customers.

Note that these repayments come a good 10 years after the Bitcoin exchange’s hacking in 2014. The expectation is that a sell-off is inevitable and the panic has the market spooked.

Over $675 million in liquidations hit the market as a result, nearly $578 million of which were longs. Coinglass data shows Bitcoin alone saw over $255 million liquidated, with $179 million of it bullish bets.

What next for Bitcoin, altcoins?

While Mt. Gox’s transfer of 47,228 BTC on Friday signaled the beginning of the repayments, analysts say the market will slowly absorb the downside pressure. Also projected to cause further pressure but eventually open the market to an upside is the German government’s selling.

According to crypto analyst Miles Deutscher, there are a number of positives ahead for Bitcoin and crypto. These include having no Mt. Gox sell-off once the repayments end, Ethereum ETFs soon and an election year momentum.

Also likely in coming months is the $16 billion repayments for FTX customers, another potential bullish catalyst.

Bitbot poised to enter crypto market

Although the crypto market is heaving under huge sell-off pressure, there’s a lot of excitement within the space. That’s down to the imminent launch of Bitbot (BITBOT), the new Telegram trading bot set to redefine the crypto market.

Bitbot is bringing its pioneering self-custody trading bot, which prioritizes user security, to crypto traders on Telegram.

Already, the Telegram bots market boasts over $23 billion in cumulative volume. While currently just over $630 million in market cap, the growth potential for the whole segment is high.

Bitbot token claims open

An AI-powered system that offers institutional-graded trading tools, non-custodial wallet integration, risk management and a Gem scanner is bound to stand out. Bitbot does and the key selling point is that users have full control over their assets.

Having recently completed its presale, Bitbot has opened token claims for its community and will soon unveil its AI-powered non-custodial trading bot.

When BITBOT listing happens, and the bot launches, demand from within the Telegram crypto community could be astronomical.

Learn how Bitbot works and more here.

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