Bitcoin drops below US$60,000 as Mt. Gox repayment looms

According to CoinGecko data, Mt. Bitcoin fell below $60,000 for the first time since early May as Gox prepares to distribute funds from creditors.

On Monday, Mt. Gox’s trustees have announced that they will begin repaying creditors next week; This is a move that could create further selling pressure and further destabilize the market.

Mt., which has been going on for a decade in the cryptocurrency market. The emergence of the Gox saga is a critical development as the exchange begins repaying creditors of over $9.4 billion in Bitcoin debt owed to approximately 127,000 creditors.

Distribution of such a significant amount could result in increased market volatility.

Additionally, the sale of $325 million worth of Bitcoin by German authorities, part of the nearly $3 billion they hold, adds to the existing selling pressure.

“Data from CoinGlass shows that over $335 million was converted into cash in the 24 hours through 1:30 PM ET.

Of this total, almost $300 million came from long positions.