Bitcoin Price Reaction: BTC Drops to $64K Amid Mt. Gox Disbursement and Ethereum ETF Outflows
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, struggled to maintain its early-day gains, falling to around $64,020, with an intra-day low of $63,904.
It briefly touched $67,000 in the morning but couldn’t sustain it, dropping below $64,000. This decline is influenced by ongoing Mt. Gox repayments to creditors, which are increasing market supply and exerting downward pressure on Bitcoin’s price.
Additionally, large outflows from Ethereum ETFs are contributing to the bearish sentiment, affecting overall market dynamics and Bitcoin’s value.
The long-anticipated Bitcoin distribution from Mt. Gox has begun, starting with Kraken users. This influx of Bitcoin has led to a price drop, as large amounts are introduced to the market, increasing supply and exerting downward pressure on BTC prices.
Mt. Gox has transferred 52,549 BTC, worth approximately $3.31 billion, to exchanges such as Kraken and Bitstamp. While Bitstamp users await their distributions, expected within 1-2 weeks, many creditors intend to hold their Bitcoin.
Another Day for fear to Run the Market.
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