Bitcoin (BTC) has dipped below the crucial $60,000 level, marking a continuation of its downward trend that began in June. The price drop is attributed to two primary factors: potential Mt. Gox creditor repayments and massive whale sales. The potential release of $9 billion worth of BTC from Mt. Gox, a defunct exchange, has triggered fears of a sell-off as creditors look to recover their funds after a decade. Additionally, a large Bitcoin whale has dumped $180 million worth of BTC in a short period, contributing to the price decline. While the influx of institutional money into Bitcoin ETFs, reaching over $52.5 billion since January, could potentially absorb the Mt. Gox payout, the market remains cautious about the potential impact of both events on Bitcoin's price trajectory.
Cointelegraph•11 months ago•
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Bitcoin Plunges Below $60K: Mt. Gox Repayments, Whale Sales Fuel Decline
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Summary:
Bitcoin has fallen below $60,000, continuing its downward trend since June.
The price drop is attributed to potential Mt. Gox creditor repayments, with $9 billion worth of BTC expected to be released.
A large Bitcoin whale sold $180 million worth of BTC in a short time, exacerbating the price decline.
Institutional inflows into Bitcoin ETFs could potentially absorb the Mt. Gox payout.
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