BTC price slipped to $65,500, down nearly 4% in the past 24 hours.
The decline began as Kraken began distributing assets to creditors of the bankrupt Mt. Gox exchange. The incident sparked concerns about potential selling pressure, especially given the impending release of nearly $9 billion in Bitcoin and Bitcoin Cash (BCH) to creditors, making investors uneasy about future market performance. Meanwhile, other cryptocurrencies such as Bitcoin Cash as well as major altcoins have also seen significant price drops.
The key points are as follows:
Kraken began distributing assets to Mt. Gox’s creditors, leading to increased selling pressure in the market.
Bitcoin price fell to $65,500, down nearly 4% in the past 24 hours.
Mt. Gox’s asset allocation involves nearly $9 billion in Bitcoin and Bitcoin Cash.
This event caused the price of Bitcoin Cash to drop by more than 7%.
Other major cryptocurrencies such as Solana, Ripple’s XRP and Cardano’s ADA saw prices fall by 4%-5%.
Amid the overall market decline, Ethereum has performed relatively steadily, with the price remaining below $3,500.
Investors are wary of possible asset sales by creditors, worried that the release of new assets will affect price trends.
