Bitcoin (BTC) started the week trading below the US$60 level but has managed to recover in the last 24 hours, returning to the US$61 zone.
Traders are feeling anxious about the news that failed exchange Mt. Gox will begin paying its creditors from July. Around US$9 billion in Bitcoin will be distributed starting next week, and this could lead to a wave of liquidation if creditors decide to sell their tokens.
In addition, investors are moving to other cryptocurrencies, leading to the biggest drop in the Bitcoin market dominance index since January. According to data from TradingView shared by CoinDesk, on June 25, Bitcoin’s dominance dropped 1.8%, currently standing at 54.34%. This marks the largest single-day percentage drop since January 12.
At the time of publication, the price of Bitcoin was quoted at US$61,013.22, a 0.2% decrease in the last 24 hours. The largest cryptocurrency reached its peak today at around $61,050. Over the past week, the price of Bitcoin has seen a 6.5% drop.
A recent announcement revealed that the defunct exchange Mt. Gox is expected to commence distribution of Bitcoin (BTC) and Bitcoin Cash (BCH) payments starting next month. A notice from rehabilitation curator Nobuaki Kobayashi released on June 24 stated that the rehabilitation administrator is currently in the preparation phase to make payments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan. Payments are scheduled to begin in early July.
“The rehabilitation administrator is preparing to make payments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan. Now that these preparations are in place, the Rehabilitation Administrator will begin payments in Bitcoin and Bitcoin Cash… starting in early July 2024,” Kobayashi stated in the document.
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