Bitcoin (BTC) fell below $59,000 on Thursday, its lowest point since late April, as fears of selling pressure from the upcoming Mt. Gox repayments and potential miner sales weighed on the market. The Mt. Gox exchange, which suffered a major hack in 2014, will begin distributing stolen assets to clients in July 2024, potentially adding selling pressure to both bitcoin and bitcoin cash (BCH) markets. The sell-off began shortly after Tokyo equity markets opened, and other major cryptocurrencies like Ether (ETH) and Solana’s SOL also declined. Futures trades betting on higher prices saw over $230 million in liquidations in the past 24 hours, with BTC and ETH futures leading the losses. This data suggests leverage is being effectively washed out of popular futures products, indicating a potential decline in price volatility. Trading firm QCP Capital anticipates a subdued market in the next quarter due to uncertainty surrounding the Mt. Gox bitcoin supply release.
Bitcoin Drops Below $59K as Mt. Gox Repayments and Miner Sales Weigh on Market
Summary:
Bitcoin (BTC) plunged below $59,000 on Thursday, its lowest point since late April.
The decline was fueled by fears of selling pressure from the upcoming Mt. Gox repayments and potential miner sales.
Mt. Gox, which suffered a major hack in 2014, will begin distributing stolen assets to clients in July 2024, potentially adding selling pressure to both bitcoin and bitcoin cash (BCH) markets.
Futures trades betting on higher prices saw over $230 million in liquidations in the past 24 hours, with BTC and ETH futures leading the losses.
Trading firm QCP Capital anticipates a subdued market in the next quarter due to uncertainty surrounding the Mt. Gox bitcoin supply release.
Subscribe our newsletter to receive our daily digested news
Join our newsletter and get the latest updates delivered straight to your inbox.
BitcoinToday.app
Get BitcoinToday.app on your phone!
Other Latest News
Crypto Visionary Who Predicted $120K Bitcoin Now Forecasts a Stunning Double to $230K in Just One Year
Why Bitcoin is the Ultimate Asset: My Year-Long Journey Reveals Shocking Truths About Money
Hut 8 Bitcoin Miner Scores Legal Victory as Judge Dismisses Key Merger Lawsuit Claims
How Bitcoin Casinos Pioneered Digital Gaming: Key Lessons for the Entire Industry
Is CARF the End of Crypto Anonymity? How New Global Tax Rules Are Reshaping the Industry
The Surprising Collision: How Bitcoin and Gold Are Shaping the Future of Finance
Other Latest News
Crypto Visionary Who Predicted $120K Bitcoin Now Forecasts a Stunning Double to $230K in Just One Year
Why Bitcoin is the Ultimate Asset: My Year-Long Journey Reveals Shocking Truths About Money
Hut 8 Bitcoin Miner Scores Legal Victory as Judge Dismisses Key Merger Lawsuit Claims
How Bitcoin Casinos Pioneered Digital Gaming: Key Lessons for the Entire Industry
Is CARF the End of Crypto Anonymity? How New Global Tax Rules Are Reshaping the Industry
Comments
Join Our Community
Sign up to share your thoughts, engage with others, and become part of our growing community.
No comments yet
Be the first to share your thoughts and start the conversation!