The digital currency Bitcoin witnessed significant losses during trading on Monday, as the price of the digital currency with the largest market value in the digital currency market fell by more than $2,000 in less than 30 minutes, which caused mass losses in the shares of crypto trading companies.
The sharp decline in the price of Bitcoin comes after the Bitcoin trading exchange Mt.Gox announced that it is scheduled to begin distributing Bitcoin and Bitcoin Cash payments, BTC and BCH, which had been suspended, as of the beginning of next July, according to a notice published by the company’s rehabilitation secretary. Nobuaki Kobayashi on Monday.
The announcement comes nearly 13 years after the Mt.Gox exchange was hacked in 2011, due to which the company lost 700,000 Bitcoins at the time. The Mt.Gox exchange, which was previously the largest Bitcoin exchange in the world, has since been closed.
Since then, there have been major legal and administrative obstacles in the way of the process that is still ongoing to pay money to investors, and it is expected that these distributions will lead to significant selling pressure on Bitcoin, which is currently finding it difficult to maintain its price above the main technical levels.
In terms of trading, Bitcoin fell sharply following the company’s announcement, losing more than $2,200 in just half an hour before recovering slightly and erasing part of those losses. Bitcoin fell by 3.96% to record $60,580 thousand at 09:37 AM GMT. , which is its lowest level since May 11, before it recovered slightly to trade down by only about 2.82% at the level of $61,422 now.
Meanwhile, Ethereum fell nearly 4% to $3,380, cryptocurrency exchange Coinbase fell 2.6%, while shares of US-listed blockchain operator Bitfarms fell 2.6%. 2.7%.
The shares of the software company and one of the main Bitcoin buyers, MicroStrategy, also fell by 3.4%, and the shares of the ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust fell by 2.4% each.
