๐ Bitcoin took a tumble below the $60,000 mark today, possibly due to Mt. Gox's potential release of a whopping $9 billion worth of BTC. ๐ฅด The crypto world's firstborn fell 4.2% in the last 24 hours, marking a 1.8% dip on the weekly chart.
While investors were hoping for a breakout above $70,000, this current price dip could mean a longer correction period. But hey, every cloud has a silver lining, right?
The Mt. Gox saga might be coming to an end, with the defunct exchange possibly starting to repay its creditors. That's $9.4 billion worth of Bitcoin that's been gathering dust for over 10 years! ๐ฐ
But don't panic just yet! The U.S. spot Bitcoin ETFs might just absorb this sudden influx, having already amassed over $52.5 billion worth of BTC since launch.
What do you think? Will the market absorb this sudden influx or are we in for a rough ride? Let us know in the comments below! ๐ #Bitcoin #CryptoNews #MtGox