Cryptocurrency
Bitcoin Price Drops Amid Mt. Gox Repayments
Wednesday. July 24 at 7:30 AM
1 min. readBitcoin's price plummeted by $1,400 in just two hours on July 24, resulting in a 2.1% loss within 24 hours. The ongoing repayments by Mt. Gox to its creditors are believed to have contributed significantly to this decline. The repayment process involves over 140,000 BTC, valued at around $8.5 billion. Creditors of the defunct exchange have started receiving Bitcoin and Bitcoin Cash repayments on Kraken, following Mt. Gox's movement of a substantial amount of Bitcoin to unknown addresses. Additionally, the US government transferred BTC to Coinbase Prime, sparking speculation. The launch of Asia's first Bitcoin futures inverse product in Hong Kong could further impact Bitcoin's price. The market also saw significant liquidations of long positions in the crypto futures market, indicating a cautious outlook among traders. It is essential for readers to conduct thorough research before making any investment decisions.