Bitcoin
Bitcoin Drops Below $60,000 as Mount Gox Refund Approaches
Bitcoin has fallen below the $60,000 mark for the first time since early May, according to data from CoinGecko, as Mt. Gox prepares to disburse funds from creditors.
On Monday, the administrator of Mt. Gox announced which will begin repaying creditors next week, a move that could introduce more selling pressure and further destabilize the market.
The unraveling of the Mt. Gox saga, a decade-long pending issue in the cryptocurrency market, is a critical development as the exchange begins to repay its creditors with more than $9.4 billion in Bitcoin owed to some 127,000 creditors.
The distribution of such a substantial amount could lead to greater market volatility.
Furthermore, the recent sale of Bitcoin worth $325 million by German authorities, part of the nearly $3 billion in their possession, adds to the current selling pressure.
Data from CoinGlass shows that more than $335 million was settled in the 24 hours prior to 1:30 p.m. ET.
Of this total, almost US$300 million came from long positions.