Hassan Maishera
TL;DR
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Bitcoin is approaching the $64k level after losing more than 2% of its value in the last 24 hours.
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The Mt.Gox selling pressure continues to weigh on the market, with Bitstamp set to distribute its proceeds today.
BTC Tanks Below $65k as Mt.Gox Selling Pressure Continues
The cryptocurrency market is having a poor week so far, with prices of most coins and tokens currently in the red. Bitcoin, the leading cryptocurrency by market cap, has lost over 2% of its value in the last 24 hours.
The bearish performance saw BTC’s price drop below $65k and it is currently trading at $64,187 per coin. If the bearish trend continues, Bitcoin could test the $63k support level in the near term.
The selling pressure can be attributed to the Mt.Gox distribution of Bitcoin and Bitcoin Cash to its creditors. Crypto exchange Kraken distributed the assets it received from the Mt.Gox Trustee earlier this week, with the creditors finally having access to their assets a decade after Mt.Gox collapsed.
Another cryptocurrency exchange, Bitstamp, announced that it will start distributing assets it received from Mt.Gox Trustee today, July 25th. However, Bitstamp added that U.K. customers will not be included in the first set of distributions.
Mt.Gox Trustee is distributing over $9 billion worth of BTC and BCH to its creditors ten years after the cryptocurrency exchange was hacked and over 850,000 bitcoins were lost.
The dumping of $9 billion worth of BTC and BCH is weighing on the market as some creditors are likely to sell thanks to Bitcoin’s massive price appreciation over the last decade.
Ether, the second-largest cryptocurrency by market cap, is also underperforming despite the launch of spot Ethereum ETFs in the United States earlier this week. ETH has lost nearly 8% of its value in the last 24 hours and is trading at $3,173 per coin, making it the worst performer amongst the top 1 cryptocurrencies by market cap.
The total cryptocurrency market cap has dropped below $2.4 trillion after losing 3.5% of its value and now stands at $2.31 trillion.
