Bitcoin Sell-off Sparks Panic: Mt. Gox Payments and Government Sales Drive Market Plunge; Amidst the Turmoil, Solana (SOL) and Furrever Token (FRVR) Show Hopeful Signs

News of Mt. Gox beginning payments to creditors in Bitcoin and Bitcoin Cash caused widespread investor panic, leading to a rush of long position

As Bitcoin experiences a sharp decline to $42,000, triggered a strong reaction in the cryptocurrency market, Solana shows promise of recovery amid turmoil, while an emerging coin lures investors with its cuteness and high return potential.

Bitcoin plunge triggers panic, Mt.Gox payments and government sales lead to market tumble

As Mt.Gox began paying creditors in Bitcoin and Bitcoin Cash, the news triggered panic among investors who liquidated their positions. Long orders have led to major liquidations of major altcoins.

Within one day, Ethereum fell below US$3,000, Solana fell below US$135, XRP once fell to US$0.4, and the overall market fell sharply, with the total market value once falling to US$2 trillion.

After hitting a low of $53,545, Bitcoin found temporary support from near $55,000 and once rebounded to $56,430. However, Bitcoin fell 2.6% in 24 hours, but trading volume surged 38% to $55 billion, according to CoinGecko data.

Meanwhile, Germany and the United States moved large amounts of Bitcoin to exchanges, with government operations exacerbating the sell-off.

Analysts are warning that further losses are expected as Bitcoin confirms a bearish double top pattern and could target $42,000.

Traders are paying close attention to key technical indicators such as the 200-day moving average and MACD to judge market trends. Whether Bitcoin can hold the key support level of $55,000 will determine whether it can rebound back to $60,000.

Solana has a strong bull signal. Signs of recovery may be emerging amid market turmoil

Despite the overall market decline, Solana (SOL) has a strong bull signal, bringing hope of recovery to investors.

Compared with the major declines of more than 8%, 10%, and 13% in mainstream cryptocurrencies such as Bitcoin, Ethereum, and Binance Coin, Solana has shown strong resilience.

Currently, Solana price is trading around $126 and has found strong support from $124, which is below the 200-day exponential moving average (EMA).

Analysts have observed two bullish patterns on SOL’s daily chart: a double bottom pattern and a bullish divergence in the oversold territory of the Relative Strength Index (RSI).

A similar pattern appeared in May 2024, when Solana formed a double bottom near $124, which subsequently triggered a wave of gains. Analysts believe that this time Solana formed a double bottom near the same price, which may indicate the beginning of another upward trend, targeting $160, an increase of 22%.

However, despite the strong bull signal on Solana, its 24-hour open contract saw a 7% decline, indicating reduced trader participation amid market volatility.

It is reported that Coinglass shows that a large number of positions have been liquidated in the past 24 hours, with Solana ranking seventh among various asset classes, with a total of 25.5 million US dollars.

Furrever Token: A new and bright color in the crypto world

In the turbulent market environment, Furrever Token has joined the cryptocurrency field with its relaxed and pleasant tone, bringing a new and bright color to investors .

Deployed on the BNB-20 blockchain, the token cleverly combines the cute elements of cats with high return potential, aiming to provide investors with a pleasant investment experience in a volatile market.

As an emerging token, a total of 9 billion Furrever tokens have been issued, 65% of which have been allocated to the pre-sale stage. It has raised more than US$1.45 million so far, which shows its high community participation.

During the pre-sale period, anyone who participates until July 15th will receive 100% additional tokens. In addition, Furrever tokens will be officially launched on PancakeSwap on July 16, with a starting price of $0.0009 per coin.

To highlight its security and community participation, Furrever Token has undergone smart contract auditing through Securi Lab and established an active community with more than 5,000 members on Telegram.

In addition to potential financial gains, the project aims to foster joy and community spirit through its charming cat-themed ecosystem.

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