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Bitcoin Price Drops Below $59,000 for First Time Since April
Top line
The price of Bitcoin fell below $59,000 for the first time since April on Thursday morning, with several other major cryptocurrencies also falling, amid concerns about the impact of the defunct Mt. Gox exchange returning a large amount of Bitcoin to its creditors.
For the first time since… the price of the world’s most valuable cryptocurrency has fallen below $59,000. [+] April.
CFOTO/Future Publishing via Getty Images
Main aspects
After consistently holding above the $60,000 mark, the price of the world’s most valuable cryptocurrency dropped below $59,000 on Thursday morning, down more than 3.8% in the last 24 hours.
Ether price dropped by more than 4%, falling below $3,200, while other popular tokens such as Binance’s BNB, Solana, and Dogecoin dropped by 5.8%, 9%, and 6.5%, respectively.
The crash comes amid concerns that administrators of the defunct Mt. Gox exchange have begun the process of paying creditors in crypto tokens, including more than 137,000 bitcoins worth about $8 billion.
The large repayment, which will happen in phases, has raised concerns that creditors may try to liquidate some of the returned cryptocurrencies and drive down their prices.
Mt. Gox creditors will be repaid in Bitcoin (BTC) and Bitcoin Cash (BCH).
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Surprising fact
Analysts cited by Bloomberg Note that the state of the US presidential election could also impact cryptocurrency prices. Biden’s shaky performance in the first debate has led to calls to abandon the race. Bloomberg reports that the cryptocurrency market is concerned about the possibility of a stronger Democratic candidate replacing Biden to take on former President Donald Trump, who has presented himself as a pro-crypto leader in recent months.