Bitcoin Plummets to $53,000 Due to Mt. Gox Repayment and Selling Pressure

 

 

 

The price of Bitcoin plummeted to the $53,000 range on the 5th.

This decline is analyzed as a result of the commencement of repayments to creditors of the bankrupt Japanese cryptocurrency exchange Mt. Gox and news of Bitcoin sales by the German government.

According to CoinMarketCap on the 5th, the price of Bitcoin recorded $53,905, nearly an 8% drop compared to 24 hours earlier.

Following the collapse of the $60,000 level the previous day, the price dropped to the $56,000 level and eventually fell to the $53,000 range.

The market is increasingly worried that a large amount of Bitcoin will be released into the market as the repayment to Mt. Gox creditors begins in earnest.

Indeed, it is interpreted that investor sentiment has been dampened as a significant amount of Bitcoin transfer was confirmed from a wallet presumed to be owned by Mt. Gox early in the morning.

Additionally, news that the German government is selling part of the 50,000 Bitcoins it seized also acted as a negative factor.

Cryptocurrency trading firm QCP Capital suggested that the Bitcoin market could be depressed in the third quarter due to the Mt. Gox repayments and the release of selling volume.

The Federal Reserve's continued tightening policy is also cited as a factor influencing the decline in Bitcoin prices.

In the recently released minutes of the June Federal Open Market Committee (FOMC) meeting, the Fed hinted at the possibility of further interest rate hikes, contrary to market expectations.

Experts predict that the price of Bitcoin will remain weak for the time being. However, there are still opinions that positively evaluate the long-term value of Bitcoin.

출처 : 산경투데이(https://www.sankyungtoday.com)

 

 

https://www.sankyungtoday.com/news/articleView.html?idxno=46849

Bitcoin Plummets to $53,000 Due to Mt. Gox Repayment and Selling Pressure