Bitcoins Value Drops Below 59K Following Mt Gox Repayment Announcement

Bitcoin is under significant pressure as its price drops below $59,000 due to the announcement of major repayments by the Mt. Gox trustee. Over 140,000 BTC will be distributed to clients affected by the 2014 hack, raising concerns about the potential impact on the market. Currently trading at $60,700, Bitcoin has reached its lowest point since May. However, research suggests that the actual number of distributed bitcoins may be lower than expected, with only around 95,000 coins initially released. Furthermore, it is anticipated that many creditors will hold onto their assets rather than sell immediately, resulting in less selling pressure. Alex Thorn, head of research at Galaxy, predicts that fewer coins will be distributed than anticipated, causing less sell pressure than the market expects. Despite the potential downturn, Bitcoin continues to trade at $60,844.59, with a decrease of 2.51% in the past day and 7.37% in the past week.