Bitcoin has seen a 6% decline in the past week, falling below $60,000, as over $150 million worth of Bitcoin re-enters the market. Government sell-offs and Mt. Gox’s planned repayments of $73 million in Bitcoin Cash contribute to the current downturn.
Bitcoin has experienced a significant decline, dropping 6% within the past week to fall below the $60,000 mark. This drop is attributed to several factors, notably the anticipated re-entry of over $150 million worth of Bitcoin into the market.
The German government recently seized and sold more than $75 million worth of Bitcoin, further increasing the supply and impacting the market. Additionally, Mt. Gox, the cryptocurrency exchange that was hacked a decade ago, is preparing to repay victims, which could involve distributing approximately $73 million worth of Bitcoin Cash (BCH).
While these events have contributed to the current downturn, some analysts argue that the situation might be exaggerated by typical market volatility within the crypto community.
In a related development today, Mt. Gox conducted several small test transfers, indicating progress towards the planned repayments.
Overall, the combination of government sell-offs and impending Mt. Gox reimbursements are primary factors in Bitcoin’s recent price movement.
