As Mt.Gox's huge repayment approaches, Bitcoin leads the cryptocurrency market's decline, and market volatility attracts attention
Focus 1: Market decline
Bitcoin fell 8.1% to $58,528 on Monday, the biggest drop since April 13.
In the past 12 hours, more than $210 million in cryptocurrency bullish bets were liquidated.
The largest 100 digital assets fell about 5% last week, the biggest drop since April.
Focus 2: Mt.Gox repayment pressure
Early cryptocurrency exchange Mt.Gox will begin to repay nearly $9 billion in Bitcoin and Bitcoin Cash, triggering market concerns about selling pressure.
Mt.Gox was hacked, more than 600,000 Bitcoins were stolen, and it now holds about 141,687 Bitcoins, worth about $8.7 billion.
Focus 3: Market reaction
The cryptocurrency market has low volatility and weak trading volume, and the market has difficulty digesting large sell orders.
Bitcoin investment products have outflowed about $600 million for two consecutive weeks, the largest outflow since the United States approved ETFs to hold Bitcoin.
Focus 4: Analysts’ Views
Alex Thorne, head of research at Galaxy, believes that the Bitcoin selling pressure caused by Mt.Gox’s repayment may be smaller than the market expects, as most creditors may choose to hold for the long term.
Summary
The cryptocurrency market has suffered a sharp decline under the influence of factors such as the Mt.Gox repayment news and monetary policy uncertainty, especially Bitcoin. The market is worried about the selling pressure of a large number of Bitcoins, but analysts believe that the actual selling pressure may be small.
