Why is Bitcoin down today?
Bitcoin prices are falling following recent industry-related events as sentiment shifts. The asset’s price has fallen nearly 1% in the past 24 hours, bringing weekly gains down to 1.6% after recovering earlier.
Bitcoin prices are now in a similar slump after rebounding to $66,000 following the German asset sale. This is due to a bankrupt cryptocurrency exchange liquidator announcing repayments in June. Weeks after the disclosure, payments have begun, with Mt Gox on-chain BTC movements dominating the industry space.
On July 24, Mt Gox moved 37.477K BTC worth more than $3 billion from its holdings to addresses flagged by on-chain analytics firm Arkham Intelligence. On July 23, Kraken announced that it had begun repaying creditors after receiving 48,641 BTC from the Mt Gox rehabilitation trustee. In total, the bankrupt exchange will distribute 140,000 BTC to creditors, which has raised significant concerns among asset holders.
The concerns that have depressed market sentiment stem from potential asset sales that will affect the market. Creditors who deal with this decade-old asset seem risky due to the rise in asset prices. After the spot Bitcoin ETF was approved, the increase in adoption coupled with institutional demand pushed the price to an all-time high of more than $73,000. Despite the price correction to $66,000, some creditors expressed a desire to sell the assets, while others will hold them.
The decline in Bitcoin prices is also due to Hong Kong's first BTC futures inverse product. The product provides returns when the asset falls, reflecting Hong Kong's efforts to diversify its cryptocurrency products. Depending on the activities of product investors, this may increase selling pressure on the asset.
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