What is the reason for the market crash?

In response to the spike that broke the 60,000 mark yesterday evening, Charles Edwards, founder of Capriole Fund, posted an article on X in the evening, citing the on-chain changes of Bitcoin and speculating that the main reason for this decline is likely to be that the exchange Mt. Gox has begun to repay the creditors' Bitcoin, which has triggered market selling pressure.

The news that Mt. Gox compensated creditors was released at the beginning of this year, but the current market is worried that since Bitcoin has risen from US$850 to above US$60,000 since February 2014, creditors may set off a wave of selling.

The currency circle believes that Bitcoin has risen nearly 74 times since 2014. After the creditors receive compensation, there will inevitably be a wave of selling pressure, especially those who hold a large number of Bitcoins are more likely to take some profits, which may also cause panic among other investors and then follow up to sell Bitcoin.

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