Cryptocurrency Market is Shaking! MTGOX Refunds and New Regulations from South Korea Scatter Fear

Bitcoin price fell to $53,485, and altcoins experienced larger declines.** The fundamental factors behind the decline are still ongoing and there is no solution in sight in the short term.

Developments affecting the market in the last 24 hours:

MTGOX refunds have started: $2.7 billion worth of Bitcoin has been transferred to the new wallet, which creates selling pressure on the market. Analysts predict sales of up to $4.5 billion.

South Korea has launched its cryptocurrency monitoring system: Starting from July 19, suspicious transactions will be monitored instantly. This means that investors may be subject to stricter controls on issues such as taxes and money laundering.

It is unclear how the market will react in the short term.

Selling pressure created by MTGOX refunds and South Korea's new regulations may pull the market down. It is important for investors to follow these developments closely and pay attention to risk management.