Bitcoin Briefly Slipped Below $59k on Mt. Gox News

Twitter icon  •  Published 2 weeks ago  •  Hassan Maishera

Bitcoin briefly dropped below the $59k level on Monday after Mt. Gox revealed that it will start repaying its 127,000 creditors with Bitcoin and Bitcoin Cash by next month.

TL;DR

  • BTC briefly touched the $58,800 region on Monday after losing more than 4% of its value.

  • Mt. Gox wants to start repaying more than 140,000 BTC in July to clients whose assets were stolen in a 2014 hack.

BTC Losses More Than 4%, Slips Below $59k

Bitcoin, the leading cryptocurrency by market cap, has continued its poor start to the week. On Monday, Bitcoin lost more than 4% of its value and dropped below the $59k level for the first time this month.

BTC’s price dropped to a monthly low of $58,830 per coin as long sellers suffered huge losses on Monday. The primary catalyst behind yesterday’s massive selloff was the Mt. Gox news.

Mt. Gox, the infamous collapsed Bitcoin exchange, will start repaying its 127,000 creditors with Bitcoin and Bitcoin Cash in July 2024, aiming to settle approximately $9 billion in claims by October.

Investors are contemplating the effect of more than 140,000 bitcoin hitting the market in less than one month, resulting in some of them dumping their bags or reducing their positions in the market.

Bitcoin’s price has slightly recovered and is now trading at $60,536 per coin. While Bitcoin is still in the red, several altcoins have bounced and are now in gains.

Solana’s SOL is the best performer amongst the top 10 cryptocurrencies by market cap, adding 3% to its value in the last 24 hours. At the moment, SOL is trading at $132 per coin.

Meanwhile, Fetch.AI (FET), SingularityNet (AGIX), Aave, Ondo, Dogwifhat (WIF), Injective (INJ), and Lido DAO (LDO) are all up by more than 10%. The total cryptocurrency market cap is down by 3% and stands at $2.23 trillion despite several altcoins rallying in the last 24 hours.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.