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Mt. Gox, German government wallet changes caused Bitcoin to plummet to below $58,000, and Robert Kiyosaki, author of famous books such as "Rich Dad" and "Poor Dad", saw this as a buying opportunity
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Market activity triggers sell-off
Bitcoin (BTC) fell below $58,000, down nearly 5% in 24 hours to its lowest point since early May.
The drop coincided with wallet activity associated with the now-defunct Mt. Gox exchange and large transfers from Germany's Federal Criminal Police.
Key factors behind BTC's drop
Lucy Hu, a senior analyst at crypto investment firm Metalpha, highlighted that one of the main reasons for the price drop was the transfer of more than $50 million from the German government to cryptocurrency exchanges, which sparked market speculation about a potential sell-off.
Mt. Gox, which is about to begin returning assets stolen in a 2014 hack, showed signs of wallet activity for the first time in a month. The movements included small test transactions, three transactions totaling $25, which could indicate preparations are underway for larger transfers.
Mt. Gox wallets show signs of activity. (Arkham)
German government transactions
Arkham data shows that the German entity transferred $175 million in BTC to various wallets, of which $75 million was sent to exchanges Kraken and Coinbase. Miguel More, CEO of Arkham, noted that such transfers often precede sales.
Bitcoin also fell below key technical indicators for the first time since October, indicating a possible downtrend in the coming months.
Robert Kiyosaki predicts the worst crash in Bitcoin and other assets
Robert Kiyosaki, author of the famous books Rich Dad, Poor Dad, and others, is also known for his continued support for the crypto industry, especially Bitcoin. He has repeatedly come out to express his support for the industry while sharing multiple insights and predictions for the market.
About 12 hours ago, Robert Kiyosaki shared a post X predicting a major crash in the financial markets that will not only affect Bitcoin prices, but also other valuable assets. According to his post, technical charts indicate that the biggest crash in the market is about to happen, with real estate, stocks, bonds, gold, silver, and Bitcoin prices collapsing.
Indeed, the cryptocurrency market suffered a sharp drop today, which came after a series of events such as Bitcoin ETF outflows and MT Gox Bitcoin transfers, which caused the Bitcoin dump. Altcoins are following the same trend, which is why most cryptocurrencies are red on the crypto market heat map. The impact of the decline is also evident in the global market capitalization, which has fallen to $2.12 trillion, the lowest level in five months.
Robert Kiyosaki sees this as a buying opportunity
Although Robert Kiyosaki predicts a major crash in the market, he sees it as a buying opportunity, because a bull run will emerge after the crash at the end of 2025, which will lead to a surge in prices in the coming years. Therefore, as investors expect, the prices of gold, silver and Bitcoin will rise.
According to his analysis, this will be the end of Fiat currencies, which he calls fake money. Therefore, the price of gold will soar to $15,000 per ounce, and the price of silver will rise to $110.00 per ounce. Finally, the price of Bitcoin will soar to $10 million per coin. However, cryptocurrency investors do not take this prediction very seriously, because it does not seem feasible to expect such high prices given liquidity issues.
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