Bitcoin (BTC) Price Falls as Market Rebound Stalls, Mt. Gox and German Government Selling Pressure Subside

The world's largest cryptocurrency has experienced a 15% outflow over the past month, teetering on the edge of a bear market.

Bitcoin Price Drops as Market Rebound Stalls Amid Token Increase Concerns

Bitcoin's price fell on Thursday as the market's rebound from recent lows stalled amid growing concerns about a possible increase in the number of tokens on the market.

The world's largest cryptocurrency is up about 15% over the past month, on the verge of a bear market due to lingering concerns about a possible increase in the number of tokens that are putting pressure on the markets.

Over the past 24 hours, bitcoin has dropped by 2.7% to reach $57,772.40. This week, the digital currency received a little relief thanks to several profitable purchases.

Mt Gox's problems, sales in Germany, and miner surrender put pressure on bitcoin

The forgotten crypto exchange Mt Gox remains in the spotlight of the bitcoin community after the exchange's trustees announced that they will start returning tokens to customers affected by the 2014 hack.

It is not yet known how many tokens will be issued. However, at the beginning of the year, wallets associated with the exchange activated tokens worth about $9 billion. It was also revealed that the German government unloaded bitcoins confiscated from a pirate site and potentially owns tokens worth at least $2 billion.

The sharp drop in bitcoin prices has raised concerns that the largest miners may start selling their assets to break even, especially after the reward for mining bitcoin was cut in half earlier this year.

Bitcoin remains above the four-month low reached in early July, as the recent price decline has led to a significant influx of bargain-hunting.

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