Bitcoin has been in a downtrend since early June, struggling to gain upward momentum despite positive ETF inflows.
Bitcoin price fell below the psychological $60,000 mark this evening, threatening to prolong the current price consolidation as Mt. Gox may have started releasing $9 billion worth of BTC.
In the 24 hours to 18:33 PM (UTC) on July 3, the price fell 4.2% to a local bottom of $59,600. The world’s first cryptocurrency is down 1.8% on the weekly chart, according to data from the CoinMarketCap.
Bitcoin prices have been on a downward trend since June, falling nearly 18% in the second quarter of 2024.
A break above the $70,000 mark has been eagerly anticipated to pave the way for new all-time highs, but losing the current support at $60,000 could mean a longer period of price correction.
Has Mentougou started repaying its creditors?
The reason why Bitcoin fell below $60,000 is most likely due to Mt. Gox.
The defunct cryptocurrency exchange may have begun paying back creditors, according to a chart of Bitcoin transfer volumes with the last token move in the past seven to 10 years shared by Charles Edwards, founder of the Capriole Investments digital asset hedge fund.
Edwards wrote in his post on July 2, X:
It is important to note that the $9 billion from Mt. Gox is also likely to be absorbed by institutional inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).
According to Dune, these ETFs have accumulated more than $52.5 billion worth of BTC since their launch. But still, watch out for another drop in Bitcoin prices.
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