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Home BREAKING NEWS

Bitcoin Slides Below $60,000 Amid Creditor Payouts, Impacting Market Stability

Matoy by Matoy
July 3, 2024
in BREAKING NEWS, CRYPTO, INVESTING
Reading Time: 2 mins read
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  • Bitcoin dropped to $59,600, a decline of 4.2% in 24 hours, and fell 1.8% over the week according to CoinMarketCap.
  • Mt. Gox’s expected repayments could be influencing Bitcoin’s price, with $9 billion potentially entering the market.
  • While Bitcoin struggles below $60,000, U.S. ETFs continue to attract institutional funds, holding over $52.5 billion in BTC.

Bitcoin experienced a notable decrease on July 3, with its price dipping to $59,600 by mid-morning UTC, reflecting a 4.2% drop within a day. Over the past week, the cryptocurrency also saw a 1.8% decrease. This downward trend marks a continuation of its poor performance since June, where it recorded an 18% fall through the second quarter of 2024.

Many market watchers had hoped for a rally past the $70,000 threshold that would set the stage for reaching new heights. However, the ongoing struggle to maintain the $60,000 level suggests a potential extension of the current downturn.

Impact of Mt. Gox and Institutional Inflows

Recent activities around Bitcoin transfers hint at significant market movements. Notably, a huge volume of Bitcoin that had not been moved for 7 to 10 years was suddenly transferred, sparking speculations about the involvement of the defunct Mt. Gox exchange. This exchange is in the process of repaying creditors, with a substantial $9 billion in Bitcoin set to be distributed. Charles Edwards, a leader at Capriole Investments, highlighted the unusual spike in on-chain Bitcoin movement, linking it to Mt. Gox’s long-anticipated repayments.

Despite these large-scale distributions, the influx of institutional investments into U.S.-based Bitcoin ETFs continues to bolster the market. Since their inception in January, these funds have amassed an impressive total exceeding $52.5 billion in Bitcoin assets.

Transactions by Major Bitcoin Holders

Adding to the market’s fluctuations, two significant Bitcoin transactions were noted. An unidentified investor sold Bitcoin worth $180 million within just three minutes, a move that contributed to the price slip below $60,000. Additionally, another significant amount of Bitcoin, totaling 1,723 units valued at over $168 million, was moved to Binance, suggesting a potential sell-off by another major holder.

These developments provide a clearer picture of the dynamics affecting Bitcoin’s valuation and highlight the challenges and strategies that could shape its near-term trajectory in the financial markets.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Bitcoin
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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