Bitcoin (BTC) started the week below the US$60 level, but within 24 hours, it managed to climb back to the US$61 zone. However, traders are feeling uneasy due to the news that the failed exchange Mt. Gox will begin paying its creditors in July, with around US$9 billion in Bitcoin set to be distributed. This distribution could lead to a wave of liquidation if creditors decide to sell their tokens.
Moreover, investors are turning to other cryptocurrencies, causing a significant drop in Bitcoin’s market dominance index. According to data from TradingView shared by CoinDesk, Bitcoin’s dominance experienced a 1.8% drop on June 25, bringing it to 54.34%, marking the largest single-day percentage decrease since January 12.
As of the time of publication, the price of Bitcoin was quoted at US$61,013.22, representing a 0.2% decrease in the last 24 hours. The cryptocurrency reached its peak at around $61,050, but its weekly performance shows a 6.5% drop over the past seven days.
In other news, Mt. Gox is set to distribute $9 billion in Bitcoin and Bitcoin Cash (BCH) payments, with the payments expected to begin in July. Rehabilitation curator Nobuaki Kobayashi released a notice on June 24, stating that preparations are underway to start making these payments in the early July of 2024.
Please note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.