Bitcoin Falls Below US$60,000 as Mount Gox Redemption Looms

Bitcoin fell below US$60,000 for the first time since early May, according to CoinGecko data, as Mt. Gox prepares to disburse funds from its creditors.

Monday, the administrator of Mount Gox announcement that it will begin repaying its creditors next week, a move that could introduce more selling pressure and further destabilize the market.

The unfolding Mt. Gox saga, a decade-long overhang in the cryptocurrency market, is a crucial development as the exchange begins paying off its creditors with more than $9.4 billion in Bitcoin owed to around 127 000 creditors.

The distribution of such a large amount could result in increased market volatility.

Additionally, the recent sale of Bitcoin worth $325 million by German authorities, part of the nearly $3 billion in their possession, adds to the current selling pressure.

Data from CoinGlass shows that more than US$335 million was liquidated in the 24 hours before 1:30 p.m. ET.

Of this total, almost $300 million came from long positions.

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