Markets
Bitcoin Crashes Below $55,000 – Here’s Where Mt. Gox Refunds Could Send Price Higher – DL News
- Bitcoin and Ether prices have fallen significantly since June.
- The total market capitalization of all cryptocurrencies has fallen by almost 9% in the last 24 hours.
The price of the largest cryptocurrency by market cap has fallen nearly 7% to nearly $54,000 in the past 24 hours, according to data from CoinGecko.
Ether also fell about 10% to around $2,850, dropping below $3,000 for the first time since mid-May.
The collapse of the two largest cryptocurrencies by market capitalization caused the total value of the cryptocurrency market to fall by nearly 9% to $2.08 trillion.
The market slowdown comes as Mt. Gox, an early cryptocurrency exchange that collapsed more than a decade ago, has finally started reimbursing customers after a lengthy bankruptcy process, according to a report. notice on their website, which is currently generating a page not found error.
In total, Mt. Gox creditors expect to receive $9.2 billion in Bitcoin.
“The market expects most Mt. Gox users to dump their tokens, but we could see a rebound if sales are lower than expected,” said Rachel Lin, co-founder and CEO of SynFutures, a decentralized crypto derivatives exchange. DL News.
General market slowdown
The sudden drop in the price of Bitcoin and other cryptocurrencies extends a month of losses.
Despite recent approval According to the U.S. Securities and Exchange Commission, the market has not seen the same recovery as after the Ethereum spot exchange-traded funds approval Bitcoin ETFs in January.
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Since the beginning of June, Bitcoin has fallen by almost 20%, to around $67,000.
Ether also fell about 24% from around $3,700.
According to Lin, it is possible that the price of Bitcoin could fall further following the Mt. Gox payments: “If there is enough selling to push the price down, we could soon reach the $50,000 level.”
Cryptocurrency Market Players
- Solana is down about 6% over the past 24 hours, trading at $125.
- XRP fell 12.5% to around $0.4.
What we read
Ben Weiss is a Dubai correspondent for DL News. Got a tip? Email him at bweiss@dlnews.com.