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- The price of Bitcoin (BTC) has decreased by over 5%, falling beneath the $60,000 mark.
- This decline followed the announcement that Mt.Gox will commence repaying its creditors in July, which could lead to a potential sell-off pressure of $9 billion.
The price of Bitcoin has fallen below the $60,000 level after a significant day of selling pressure.
BTC reached a peak of $71,974 on June 7, but has been on a downward trajectory since then. Today’s drop has resulted in the cryptocurrency falling below $60k for the first time since it recovered above this level in early May.
Bitcoin Price Chart | Source: Coinstats
Bitcoin price drops below $60k
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On Monday, the news regarding Mt. Gox, a bankrupt cryptocurrency exchange that experienced a significant hack in 2014, being close to distributing nearly $9 billion in BTC to creditors triggered renewed selling pressure for Bitcoin.
When hackers took thousands of Bitcoin from Mt.Gox a decade ago, the price of Bitcoin was approximately $40. This places today’s price at an extraordinary level, which may lead some recipients of the 141,000 BTC to be repaid to choose to sell for profit.
BTC holders concerned about a potential bearish shift have participated in the selling frenzy. The value of BTC fell below the $60,000 threshold in light of this news.
Regarding the BTC price prior to the decline below $60k, CryptoQuant’s head of research Julio Moreno noted:
“What’s happening right now with Bitcoin prices is mostly related to a lack of demand growth or momentum from traders, whales, ETFs, etc.”
The last occasion Bitcoin fell below $60k, it reached lows of $56,500, and Moreno believes this could serve as a significant support level once more.
