Bitcoin's price dipped below $61,000, marking a 3.82% decline in the past 24 hours. This drop is attributed to the looming repayments from the Mt. Gox Bitcoin exchange, which could impact the market significantly. QCP Capital predicts that the overhang of up to 140,000 BTC from these repayments will continue to weigh down market sentiment. This influx of Bitcoin could increase selling pressure and contribute to further price declines. Other cryptocurrencies are also seeing negative price movements, with Ethereum (ETH), DOT, BNB, and SOL experiencing similar drops.
Decrypt•1 year ago•
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Bitcoin Drops Below $61,000 as Mt. Gox Repayments Loom
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Summary:
Bitcoin's price fell below $61,000, representing a 3.82% drop in the past 24 hours.
The decline is attributed to the impending repayments from the Mt. Gox Bitcoin exchange.
QCP Capital expects the overhang of up to 140,000 BTC from these repayments to weigh down market sentiment.
The influx of Bitcoin could increase selling pressure and further decrease prices.
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