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Crypto Capitulation: Bitcoin Plunges Below $54,000 as Mt. Gox and German Government Sell-Off Sparks Panic

The cryptocurrency market is reeling from one of its most severe sell-offs of the year, with Bitcoin (BTC) crashing through key support levels to fall below $54,000 for the first time since late February. The brutal downturn has erased over $170 billion in total market capitalization in a matter of days, sending shockwaves through the investor community. The primary catalysts for the plunge are two major sources of selling pressure that have overwhelmed market demand: 1.  **The Mt. Gox Repayments:** After a decade-long wait, the defunct Japanese exchange Mt. Gox has begun distributing billions of dollars worth of Bitcoin and Bitcoin Cash to its creditors. This week, the rehabilitation trustee moved approximately 47,229 BTC (worth around $2.6 billion) to a new address, signaling that distributions are imminent. The market fears that a significant portion of these coins, once received by creditors, will be immediately sold on the open market, creating a massive and sustained supply o...

Which bank is best to buy crypto?

 If you're looking for a **traditional bank** that supports **buying, selling, or holding crypto**, your options are limited because most banks restrict or discourage crypto purchases due to regulatory and volatility risks. However, some banks are more crypto-friendly than others, and several **neobanks and fintech platforms** offer seamless crypto integration.  


### **Best Traditional Banks for Crypto (Least Restrictions)**

1. **Revolut** (UK/EU) – Allows buying, selling, and holding crypto (BTC, ETH, etc.).  

2. **N26** (EU) – Supports crypto transactions but not direct purchases.  

3. **JP Morgan Chase** (US) – Allows wire transfers to regulated exchanges like Coinbase.  

4. **Goldman Sachs** – Offers Bitcoin futures trading for institutional clients.  

5. **Standard Chartered & BBVA** (Europe) – Crypto custody services for institutions.  


⚠️ **Warning:** Many traditional banks (e.g., **Bank of America, Wells Fargo, HSBC, Lloyds**) **block or limit** crypto transactions.  


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### **Best Crypto-Friendly Neobanks & Fintech Apps**  

If your bank blocks crypto purchases, these alternatives work well:  


| **Platform**       | **Features**                                                                 |

|--------------------|-----------------------------------------------------------------------------|

| **Revolut**        | Buy/sell 100+ cryptos (but you don’t own the keys).                        |

| **Wirex**          | Crypto debit card, spend crypto like cash (supports BTC, ETH, XRP).        |

| **Binance Card**   | Visa debit card linked to Binance account (works where Visa is accepted).   |

| **Kraken Bank**    | Crypto-friendly banking (US-based, coming soon).                           |

| **Monzo/Starling** | Allows transfers to exchanges but no direct crypto trading.                |


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### **Best Crypto Exchanges to Use With Banks**  

If your bank allows transfers to exchanges, these are the safest options:  

1. **Coinbase** (Best for beginners, regulated, supports SEPA & wire transfers).  

2. **Kraken** (Low fees, good for advanced traders).  

3. **Binance** (High liquidity but faces banking restrictions in some countries).  

4. **Gemini** (Regulated, supports ACH transfers in the US).  


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### **How to Avoid Bank Blocks When Buying Crypto**  

- Use **SEPA (EU) or ACH (US)** transfers instead of debit cards (higher fees & blocks).  

- Try **intermediary banks** like **Revolut → Exchange** (bypasses restrictions).  

- Use **P2P exchanges** (LocalBitcoins, Paxful, Binance P2P) if your bank blocks exchanges.  


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### **Final Verdict**  

- **Best for EU/UK:** **Revolut** (easiest) or **Coinbase + SEPA transfer**.  

- **Best for US:** **Coinbase/Gemini + ACH transfer** (Chase & Goldman Sachs work best).  

- **If your bank blocks crypto:** Use **Binance P2P, Kraken, or Wirex**.  


Would you like recommendations based on your country?

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