Bitcoin
Bitcoin Drops Below $55,000 — Here’s Where Mt. Gox Refunds Could Push Price Up – DL News
- Bitcoin and Ether prices have fallen considerably since June.
- The total market value of all cryptocurrencies has fallen by nearly 9% in the last 24 hours.
The price of the largest cryptocurrency by market cap has fallen nearly 7% to near $54,000 over the past 24 hours, according to data from CoinGecko.
Ether also fell by about 10% to around $2,850, hovering below $3,000 for the first time since mid-May.
The collapse of the two largest cryptocurrencies by market capitalization caused the total cryptocurrency market value to drop nearly 9% to $2.08 trillion.
The market plunge comes as Mt. Gox, one of the first cryptocurrency exchanges that went bankrupt more than a decade ago, has finally started paying customers after a lengthy bankruptcy process, according to a to perceive on your website, which is currently showing a page not found error.
In total, Mt. Gox creditors expect to receive US$ 9.2 billion in Bitcoin.
“The market expects most Mt. Gox users to dump their tokens, but we could see a recovery if the selloff is smaller than anticipated,” said Rachel Lin, co-founder and CEO of SynFutures, a decentralized cryptocurrency derivatives exchange. DL News.
Broader market decline
The sudden drop in the price of Bitcoin and other cryptocurrencies extends a month of losses.
Despite the recent approval from the US Securities and Exchange Commission of spot Ethereum exchange-traded funds, the market did not see the same rally it saw after the approval of Bitcoin ETFs in January.
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Since the beginning of June, Bitcoin has fallen nearly 20% from around $67,000.
Ether also plunged by about 24%, from around $3,700.
Lin says it’s possible that Bitcoin’s price could drop further following the Mt. Gox payouts: “If there are enough selloffs to push the price lower, we could be looking at the $50,000 level soon.”
Cryptocurrency Market Movers
- Solana is down about 6% in the last 24 hours, trading at $125.
- XRP fell 12.5% to around $0.4.
What we are reading
Ben Weiss is a Dubai correspondent in DL News. Got a tip? Email him at bweiss@dlnews.com.