Bitcoin Exchange Rate Recovers After Hitting Four-Month Low Amid Mt Gox Token Distribution Concerns

The world's largest cryptocurrency has been suffering huge losses over the past two weeks, hitting a more than four-month low last week.

The world's largest cryptocurrency has been suffering huge losses over the past two weeks, hitting a more than four-month low last week.

But the token's losses appear to have paused, at least for the time being. The bitcoin exchange rate rose 3.2% in the last 24 hours to $57,280.7.

Earlier, the bitcoin exchange rate fell to $53,000 after Mt Gox trustees said they had begun distributing tokens stolen in a 2014 hack, though they did not specify the total value of the distribution.

The news led traders to sell bitcoin even more due to concerns that the recipients of the token would also be inclined to sell, given the huge jump in bitcoin prices over the past 10 years.

Several major bitcoin wallets were seen dropping the token, while sales of bitcoins confiscated by the German government from a pirate website also added to the selling pressure.

Arham analysts recorded another wave of transactions involving confiscated bitcoins from German government reserves. Over 9 thousand bitcoins (more than $500 million) were withdrawn from the wallet over the past 24 hours. According to the Arham service, since June 19, the country's authorities have transferred more than 24 thousand bitcoins (about $1.44 billion) to various external wallets.

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