News - Bitcoin drops below $60,000

By Luc Vesters

Bitcoin drops below $60,000

For the first time since May this year Bitcoin below the $60,000 mark. Today, Thursday, July 4, the cryptocurrency drops even below $58,000 and stands at $57,676 at the time of writing. With this, BTC is losing 4.6 percent of its value in 24 hours. The reasons are various.

On the one hand, the administrator of Mt.Gox has announced his intention to pay out the 142,000 BTC recovered. Therefore, analysts expect a large amount of Bitcoin on the market in early July. This increases the pressure on the price of the cryptocurrency. However, according to Glassnode, no shifts of these coins have been observed yet.

Mt.Gox was one of the largest Bitcoin exchanges in the world. In 2014, the exchange closed due to a hack - much of the BTC had disappeared.

Price pressure is also coming from Germany. The Bundeskriminalamt (BKA) regularly sends large amounts of BTC to wallets of exchanges. These Bitcoin were seized in the case surrounding the website.

The macroeconomic situation is also making things difficult for Bitcoin. High interest rates make bonds attractive and draw capital away from investments like Bitcoin. In addition, miners have been selling large amounts of coins lately. This creates additional price pressure.

In addition to Bitcoin, the entire market is also down 4.9 percent. All cryptocurrencies together are now worth $2.14 trillion. In the top 10, Solana (SOL) gets it the hardest: minus 8.1 percent in 24 hours. But Ethereum (minus 5.3 percent), BNB (minus 6.4 percent) and XRP (minus 6.4 percent) are also struggling.

According to CoinGlass, Bitcoin futures worth $60 million were liquidated within 24 hours.

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