The sharp decline in Bitcoin, which dropped below 60 thousand dollars yesterday for the first time since June 25, continues. While the largest cryptocurrency fell below 58 thousand dollars overnight, the total cryptocurrency market lost more than 100 billion dollars in value in the last 24 hours.

The sharp decline in Bitcoin, which started last week, continued this week. The largest cryptocurrency, which started July by rising to 63 thousand dollars, could not continue its upward movement. The biggest reason behind the decline in Bitcoin is Mt. Gox is thought to begin distributions of Bitcoin (and Bitcoin Cash). The stock exchange officially announced about 10 days ago that it would start payments as of the beginning of July.

$57,800 seen

The exchange, which was hacked in 2014 and stole more than 800 thousand Bitcoins, later found 200 thousand BTC in another wallet, and thus a payment plan could be created for victim customers. The implementation of the plan, which has been awaited for years, this week causes early Bitcoin investors to give up perhaps tens of BTC per person at once. This situation creates a huge sales pressure on Bitcoin. Bitcoin dropped to $57,800 overnight.

$260 million was deleted in the last 24 hours

On the other hand, in futures transactions, a $262 million cryptocurrency position was liquidated in the last 24 hours. $230 million of this figure consisted of long positions. The overall cryptocurrency market lost more than $100 billion in value in a 24-hour period. The total value of the cryptocurrency market currently stands at around $2.28 trillion.

Election uncertainty in the USA

One of the main factors in the decline was the issue of whether Joe Biden would be a candidate in the upcoming presidential elections in the USA. Biden's confrontation with Donald Trump in the CNN studios last week, where his health problems were clearly seen, also demoralized the Democratic Party side about the elections. Some Democratic lawmakers state that Biden should withdraw from the race. Last night, the White House spokesman stated that there was no such thing as Biden withdrawing from the race and that he did not think so.

Even if Donald Trump does not have a health problem, there is a possibility that he will receive a prison sentence in the case also known as the "hush money case". Although experts state that this is unlikely, a penalty could cause Trump to lose votes.

All these political uncertainties in the USA may also affect the movements in Bitcoin and other financial markets.

-Uzmancoin