The post Why is Crypto Down Today? Bitcoin Price Dips as Mt. Gox Repayments Begin & Ether ETFs Launch appeared on BitcoinEthereumNews.com.

TLDR Bitcoin price dropped over $1,400 within two hours on July 24, 2024 Mt. Gox has begun repaying creditors with over 140,000 BTC Hong Kong launched Asia’s first Bitcoin futures inverse ETF Over $150 million in leveraged long positions were liquidated Ether ETFs started trading, potentially bringing new institutional investors to crypto The crypto market slide over the past 24 hours, with Bitcoin’s price dropping over $1,400 within two hours. This decline pushed Bitcoin’s 24-hour losses to 2.1%, bringing its price to around $65,891. Several factors contributed to this market movement, including the start of Mt. Gox’s creditor repayments, even the launch of Ether ETFs couldn’t push prices up. Mt. Gox, a defunct cryptocurrency exchange that went bankrupt in 2014, has begun repaying its creditors with over 140,000 Bitcoin, worth approximately $8.5 billion. On July 23, the exchange moved more than 47,500 Bitcoin, valued at nearly $3.2 billion, to two unknown addresses. According to a Telegram group of Mt. Gox creditors, some began receiving Bitcoin and Bitcoin Cash repayments on the Kraken crypto exchange on July 23. The repayment process has been long-awaited, with creditors waiting for over a decade. During this time, Bitcoin’s price has surged by more than 10,000%. The fear of this additional Bitcoin supply entering circulation and potentially being sold off has put downward pressure on the market. Adding to the market dynamics, Hong Kong launched Asia’s first Bitcoin futures inverse product on July 23. The CSOP Bitcoin Future Daily (-1x) Inverse Product aims to offer investors a method of profiting from declines in Bitcoin’s price. This new tool for betting against Bitcoin could potentially increase selling activity and exert overhead pressure on its price. The crypto market also witnessed significant liquidations of long positions. Over $159 million in long positions were liquidated in the 24…

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Filed under: News - @ July 24, 2024 10:16 am