Bitcoin price drops as investors ‘sell the news’ on Mt. Gox repayment announcement, analyst says | Headlines | News | CoinMarketCap
06/25/2024 00:51
Bitcoin's price suffered a pullback on Monday, dropping over 5% in daily trading following Mt. Gox's announcement to distribute $9 …
Bitcoin's price suffered a pullback on Monday, dropping over 5% in daily trading following Mt. Gox's announcement to distribute $9 billion in bitcoin and bitcoin cash repayments starting in early July. The price of the world's largest digital asset by market cap has slipped close to the $60,000 mark, its lowest level in almost six weeks.
Bitcoin's move lower comes as defunct bitcoin exchange Mt. Gox is set to start distributing bitcoin and bitcoin cash repayments in July, according to a notice sent by Rehabilitation Trustee Nobuaki Kobayashi on Monday.
Bitget Research analyst Ryan Lee told The Block Mt. Gox's repayment announcement is "a classic 'sell the news' scenario."
"The repayment in bitcoin is causing market worries about the influx of …