The crypto market faced turbulence as news surfaced about Mt. Gox's scheduled repayments starting next month, leading to a noticeable dip in Bitcoin's market stance. On June 24, 2024, Bitcoin's dominance saw a significant drop, the most considerable decline in five months, which heightened the market's anxiety.
Bitcoin’s price fell nearly 5% on the same day, with values tumbling under $59,000 at one point. The cryptocurrency, typically less volatile than its peers, reacted sharply to the announcement that the defunct Mt. Gox exchange would begin distributing 140,000 BTC to its hack victims in July. This news sparked fears of a potential flood of Bitcoin hitting the market, which could drive prices down due to the sudden increase in supply .