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•1 year ago•
970
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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