End of Germany, Mt. Gox Sales 'Likely' to Mark Bitcoin Bottom, Experts Say
What factors are causing the crypto market's current headwind?
The crypto market's current headwind is caused by the potential Bitcoin sales from Mt. Gox and the German government, weighing heavily on investors' minds. Bitcoin's value dropped 7% due to these concerns, and the market expects most Mt. Gox users to dump their tokens. The exact timing of the sales remains unknown, but a resolution could ease selling pressure in the market.
How much has Bitcoin's value decreased recently?
Bitcoin's value has recently decreased by 7%, with prices falling to their lowest point in four months at $53,550. This decline was triggered by potential Bitcoin sales from Mt. Gox and the German government, leading to a surge in liquidations across the crypto market.
When are Mt. Gox's repayments expected to start?
Mt. Gox's repayments to its creditors are expected to start in early July 2024. The defunct cryptocurrency exchange, which went bankrupt in 2014 after a series of hacks, will repay its users almost $9 billion worth of tokens.