# Bitcoin Breakdown

*Author: Bankless*
*Published: Jul 5, 2024*
*Source: https://www.bankless.com/fr/bitcoin-breakdown*

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[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/07/Group-647-1.png)](https://www.bankless.com/sponsor/kraken-1682978636?ref=unpacking-the-base-narrative&email=true)

  

Bitcoin Breakdown
    
  

  
  Published on July 5, 2024

[
  
  View in Browser

](https://bankless.com/read/briefs)
 

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.  .  .

 
  
    
      
      NEED TO KNOW
    
    
  
  
    
Mt. Gox Repayments Start

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/07/Group-15--66-.png)](https://www.bankless.com/dashboard)- 🌋 **Mt. Gox Kicks Off Creditor Repayments.** Long-awaited BTC repayments [finally started](https://www.theblock.co/post/303614/mt-gox-starts-making-repayment-in-bitcoin-and-bitcoin-cash-trustee) Friday, and markets didn't react well. 
- 🗳️ **Multicoin Pledges $1M for Pro-Crypto Senators.** The VC firm [pledges](https://www.coindesk.com/policy/2024/07/05/multicoin-pledges-up-to-1m-for-pro-crypto-senate-candidates/?_gl=1*i9ae1k*_up*MQ..*_ga*NTk2ODM1NjQ3LjE3MjAyMDUxNzc.*_ga_VM3STRYVN8*MTcyMDIwNTE3Ni4xLjEuMTcyMDIwNTE4OS4wLjAuOTQ3NzczNzI5) to match $1 million in SOL donations to candidates. 
- 🤭 **3AC Wallet Buys NFT. **Liquidators appear to have missed a 3-year-old 20 ETH NFT bid from 3AC, which was[ just accepted](https://x.com/0xMerp/status/1809107715610063115) on SuperRare.

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    MARKET VIBES

  
  

   Bitcoin Breakdown
  
   
     
   
     
    
 

**📸 Daily Market Snapshot:** Maybe better not to check your holdings today... Crypto liquidations nearly surpassed levels reached after the FTX collapse as BTC dipped as low as $54K on Friday, a $10K drop from Monday. Meanwhile, ETH has taken a 22% haircut over the past month.

Prices as of 3pm ET
24hr
7d

 

       ![](https://banklesspublic.b-cdn.net/cmc.png)
    

  **Crypto**
   
          $2.06T
       

  
    
    ↘3.4%
    
  

   
    
    ↘8.0%
    
  

       ![](https://banklesspublic.b-cdn.net/btc.png)
    

  **BTC**
   
          $56,514
       

  
    
    ↘3.3%
    
  

   
    
    ↘6.4%
    
  

       ![](https://banklesspublic.b-cdn.net/eth.png)
    

  **ETH**
   
          $2,985
       

  
    
    ↘5.1%
    
  

   
    
    ↘11.5%
    
  
 
  

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ANALYSIS

  
  
    
   
Unpacking the Base Narrative
  
  
   
     
     Bankless Author: 
     
       [
       
       David C.](https://x.com/davewardonline)
     
    
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/07/image---2024-07-05T141825.169.png)](https://www.bankless.com/unpacking-the-base-narrative)Coinbase’s breakout L2, Base, has quickly become one of the most prominent spots to be onchain this cycle, solidifying itself as one of Ethereum's most innovative corners.

**Base's rise and continued development has increasingly become a hot investment narrative that's difficult to ignore.**

In this article, we’ll examine what makes Base stand out from other L2s, how it draws power from Coinbase, and its rumored token drop — all of which come together to make Base a can’t-miss destination onchain. **Let’s begin!** 👇

[Read the Free Analysis](https://www.bankless.com/unpacking-the-base-narrative)
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