Bitcoin prices fall further as cryptocurrency liquidations reach $330 million

Bitcoin fell below $60,000 for the first time since early May. This follows the announcement that Mt.Gox creditors will begin receiving payments in Bitcoin and Bitcoin Cash next week.

The world’s leading cryptocurrency has been cooling off all month after an exciting start to the year, following the Securities and Exchange Commission’s approval of… Spot Bitcoin ETFs. But it took its biggest hit today, falling 6.2% over the past 24 hours to a daily low of $59,962, according to data from CoinGecko. Cryptocurrency exchange Coinbase Shows a greater declineand fell to a low of $59,780.

The now-defunct Japanese cryptocurrency exchange Mount Gox It was hacked in 2014 resulting in the loss of $63.6 million worth of Bitcoin at the time – worth around $46 billion at Bitcoin’s current price. A decade later, the curator of rehabilitation became Nobuaki Kobayashi he said in a note Creditors will begin receiving payments in Bitcoin and Bitcoin Cash starting in early July.

This appears to have spooked the market, with fears spreading that Mt.Gox creditors would sell their recovered coins immediately. according to Spot on the chainThe three wallets controlled by the defunct company totaled 141,686 bitcoins worth approximately $8.71 billion. If that happens, it would see a similar amount of capital exit the market as US Bitcoin ETFs saw after the January approval.

Over the past two weeks, more than $1.2 billion in assets have flowed out of US Bitcoin ETFs, according to CoinShares. Reports. “We believe this is a reaction to pessimism among investors about interest rate cuts by the Fed this year,” James Butterville, head of CoinShares research, wrote in an article. Medium share.

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More than $335 million worth of cryptocurrency positions were liquidated over the past 24 hours, according to data from Queen Glassincluding $293 million worth of long positions — or bets that the price of a particular asset will rise.

Bitcoin makes up the lion’s share of the bleeding, with $145 million in liquidated positions. More than $134 million was worth of long positions.

Edited by Andrew Hayward

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