$BTC Bitcoin price drops below $60k on fears of massive selling following distribution from defunct Mt Gox exchange.
Mt Gox is expected to distribute around $9 billion of Bitcoin, and many expect recipients of these Bitcoins to sell, given the rise in prices over the last ten years.
In addition, the sale of Bitcoin by the German government and some "whales" also added to the pressure. Crypto market sentiment has weakened, with crypto ETF trading volumes declining drastically in recent months.
$ETH Ether fell 4.5% to $3,296.01, while $XRP , SOL, ADA, DOGE and SHIB also fell.
Federal Reserve Chairman Jerome Powell said there was progress in lowering inflation, but the Fed still needed more confidence before lowering interest rates.
Amid these concerns, analysts from Standard Chartered predict Bitcoin prices could reach $100,000 in the US presidential election in November, assuming Joe Biden remains in the race, which the market views as supporting Donald Trump's victory.
Analysts see Trump as more positive towards Bitcoin, especially in terms of regulation and mining.
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