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

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 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.

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

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