The post Why is Bitcoin down today? BTC crushes to $58K appeared on BitcoinEthereumNews.com.

The largest crypto, Bitcoin, dropped below $59,000 on Thursday, marking its lowest point since late April. This decline was driven by concerns over potential selling pressure from the defunct exchange Mt. Gox and potential miner sales. However, analysts have differing opinions regarding the potential impact of the repayments on Bitcoin. Also Read: Bitcoin loses June gains – Will BTC fall under $60K? As of this writing, Bitcoin’s (BTC) value is $58,817.40. This represents a slight decrease of 0.1% compared to an hour ago and a 3.7% decline since yesterday. The current value of BTC is 3.2% lower than its value a week ago. Bitcoin markets tumble  After multiple postponements, Mt. Gox has finally announced that it will begin returning the assets stolen from its clients during the 2014 hack in July 2024. The repayments will be made in cryptocurrencies, specifically BTC and Bitcoin cash (BCH), which could potentially impact the selling pressure in both markets. According to CoinGecko data, the price of BTC fell by 3.2% in the last 24 hours. This decline in value started soon after the Asian markets opened for trading.  In the past week, the daily exchange rate of BTC to USD experienced fluctuations, reaching a peak of $62,820 on Tuesday and a low of $58,817 on Thursday. Last week, the price of BTC in USD experienced a significant 24-hour price movement on Thursday, with a decrease of—$2,272.39 (3.7%). Source: CoinGecko The rest of the crypto market has tanked alongside BTC. According to CoinGecko, today’s global crypto market cap stands at $2.28 Trillion. The market has shred 3.97%  gains in the last 24 hours. Analysts take a different stance on Mt. Gox Tom Lee, the director of research at Fundstrat, was optimistic about the possibility of BTC reaching a high of $150,000. The analyst predicts that…

---

Filed under: News - @ July 4, 2024 7:16 am