Home web3.0 Bitcoin Price Drops Below $60k After Mt. Gox Repayment News Sparks New Selling Pressure

Bitcoin Price Drops Below $60k After Mt. Gox Repayment News Sparks New Selling Pressure

Jun 25, 2024 am 09:35 AM

Bitcoin price has dropped below the $60,000 threshold after a day of massive sell-off pressure. BTC reached highs of $71,974 on June 7, but

Bitcoin Price Drops Below k After Mt. Gox Repayment News Sparks New Selling Pressure

Bitcoin price dropped below the $60,000 threshold on Monday, as a day of massive sell-off pressure saw BTC reach its lowest levels in several weeks.

BTC/USD reached highs of $71,974 on June 7, following the announcement that U.S. inflation had hit a four decade high. However, BTC has been in a downtrend since then, with today’s declines seeing the cryptocurrency break below $60k for the first time since rebounding above this level in early May.

Bitcoin price drops below $60k

News that Mt. Gox, a bankrupt crypto exchange that suffered a major hack in 2014, is on the verge of distributing nearly $9 billion in BTC to its creditors sparked fresh selling pressure for Bitcoin on Monday.

When hackers stole thousands of Bitcoin from Mt.Gox ten years ago, the price of Bitcoin was around $40. That puts today’s price at an astronomical level, a factor that could see some recipients of the 141,000 BTC to be repaid decide to sell for a profit.

Bitcoin holders, concerned about the potential bearish flip, joined the selling spree. BTC’s value plummeted below the $60,000 mark amid these news.

Commenting on BTC price ahead of the dip below $60k, CryptoQuant’s head of research Julio Moreno observed the following.

“What's happening right now with BTC price is mainly linked to a lack of demand growth or momentum from traders, whales, ETFs, etc.”

The last time Bitcoin dropped below $60k, it traded to lows of $56,500, and Moreno went on to add that this level could ultimately serve as the final support point once more.

Share this article

Categories

News source:https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-price-drops-k-mt-gox-repayment-news-sparks-selling-pressure.html

The above is the detailed content of Bitcoin Price Drops Below $60k After Mt. Gox Repayment News Sparks New Selling Pressure. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot Article Tags

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Top 10 virtual digital currency app platforms in the world, the top ten virtual currency trading platforms in 2025 Top 10 virtual digital currency app platforms in the world, the top ten virtual currency trading platforms in 2025 Mar 05, 2025 pm 08:00 PM

Top 10 virtual digital currency app platforms in the world, the top ten virtual currency trading platforms in 2025

Pi Node Teaching: What is a Pi Node? How to install and set up Pi Node? Pi Node Teaching: What is a Pi Node? How to install and set up Pi Node? Mar 05, 2025 pm 05:57 PM

Pi Node Teaching: What is a Pi Node? How to install and set up Pi Node?

Various ETF issuers compete to apply for Solana ETF! But why is BlackRock still absent? Various ETF issuers compete to apply for Solana ETF! But why is BlackRock still absent? Mar 03, 2025 pm 06:33 PM

Various ETF issuers compete to apply for Solana ETF! But why is BlackRock still absent?

Bitcoin [BTC] was on a downtrend after losing the $92,000-support level in the final week of February Bitcoin [BTC] was on a downtrend after losing the $92,000-support level in the final week of February Mar 16, 2025 am 10:10 AM

Bitcoin [BTC] was on a downtrend after losing the $92,000-support level in the final week of February

Understand the current situation and future of MEV on a single article Understand the current situation and future of MEV on a single article Mar 04, 2025 pm 05:06 PM

Understand the current situation and future of MEV on a single article

PI price forecast: How high can PI coins rise? PI price forecast: How high can PI coins rise? Mar 03, 2025 pm 07:27 PM

PI price forecast: How high can PI coins rise?

Does Bitcoin have stocks? Does Bitcoin have equity? Does Bitcoin have stocks? Does Bitcoin have equity? Mar 03, 2025 pm 06:42 PM

Does Bitcoin have stocks? Does Bitcoin have equity?

Top 10 Free Virtual Currency Exchanges Rankings The latest top ten virtual currency APP trading platforms Top 10 Free Virtual Currency Exchanges Rankings The latest top ten virtual currency APP trading platforms Mar 11, 2025 am 10:18 AM

Top 10 Free Virtual Currency Exchanges Rankings The latest top ten virtual currency APP trading platforms