Over $170B wiped off crypto as market tanks on Mt. Gox Bitcoin payout fears
Over $170 billion vanished from the cryptocurrency market due to Mt. Gox bitcoin repayments. Bitcoin plummeted below $55,000, triggering a market decline. Analysts foresee a rebound post-repayments and predict a potential new price peak. Investors await the launch of a U.S. ether exchange-traded fund.
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Over $170 billion was wiped off the cryptocurrency market as fears surrounding the Mt. Gox bitcoin payout intensified. Bitcoin's price dropped below $55,000 for the first time since February, leading to a significant market decline. The trustee for the Mt. Gox bankruptcy estate initiated repayments in bitcoin and bitcoin cash to some creditors through designated crypto exchanges. This move caused a ripple effect in the cryptocurrency market, with the entire market shedding billions in combined market capitalization. The distribution of around $9 billion worth of coins to Mt. Gox users is expected to result in substantial selling pressure. Despite the current market turmoil, industry insiders anticipate bitcoin prices to rebound later in the year, following the completion of the Mt. Gox repayments. Analysts suggest that bitcoin's current appreciation cycle has not peaked yet and could potentially reach a new all-time high. Additionally, investors are eagerly awaiting the launch of an ether exchange-traded fund in the U.S. following the approval of the first U.S. spot bitcoin ETF earlier this year.
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3 commentsBitcoin windfall for Mt. Gox creditors after 10 year wait
So let's see whether that's a sustainable drop. Sustainable as in "miners waste less energy" sustainable.
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