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Bitcoin Price Drops Below $58,000 For The First Time in Two Months

Jul 4, 2024 | News | 0 comments


Crypto Market: For the first time in over two months, the price of Bitcoin (BTC) dropped below $58,000 early on Thursday. This was due to worries about the effects of the collapse Mt. Gox exchange releasing a significant portion of its Bitcoin holdings to its creditors.

A senior analyst at crypto investment firm Metalpha, Lucy Hu wrote in a Telegram message that, “Among the top reasons for the price drop was the German government moving more than $50 million to crypto exchanges, creating sell speculation in the market.”

Message for Bitcoin (BTC) HODL from an X user

The price of the most expensive cryptocurrency in the world dropped below $58,000 early on Thursday, down more than 5% over the previous day, after continuously trading above $60,000. The decline is associated with worries that the administrators of the now-defunct Mt. Gox exchange may begin transferring cryptocurrency tokens to creditors, including over 140,000 Bitcoins valued at approximately $8 billion.

After years of delayed deadlines, Mt. Gox is expected to begin releasing assets this month, though it is unclear when that was taken from clients in a 2014 breach. As previously reported, the reimbursements would be done in bitcoin and bitcoin cash (BCH), which may put more selling pressure on both markets.

Additionally, as per reports, this first time new drop in bitcoin price is widely indicating a potential decline in the coming months.

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Written by Riteshu Sen Jaiswar

Chief Of Media at BIZBoost || Public Speaker || Web 3 Junkie || Passionate Writer || Gyaan Seeker

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