Growing selling pressure has forced the cryptocurrency market into a negative area. Bitcoin [BTC] can be seen resisting a territory that it pushed past to reach its all-time high at $73,750.07. After falling 7.88% during the previous day, the price of Bitcoin was now trading at the $54,000 zone. Adding to this pressure, Mt. Gox said that it has begun paying back consumers. This brings an end to the almost ten-year wait period for some users to receive their cryptocurrency back.
After being hacked in 2014, Mt. Gox quickly went bankrupt. At the time, it was among the largest cryptocurrency exchanges. Its loss was calculated to have been around 740,000 BTC.
According to blockchain analytics company Arkham Intelligence, the exchange moved 47,228 BTC worth about $2.6 billion from cold storage to a new wallet earlier today. It was planned for the exchange to begin releasing funds later this month that were taken from customers in a 2014 attack. The upcoming repayments consist of 143,000 Bitcoin Cash [BCH], 140,000 BTC valued at $7.73 billion, and Japanese yen.
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$50K Next Stop For Bitcoin?
Bitcoin was trading at $54,019.41 at the time of writing. The king coin dropped by 12.07% in the last week. Before dropping to its current level, Bitcoin was trading at a high of $63,491. Given the potential selling pressure from Mt. Gox, it appears that the asset will decline. In addition, 10x Research analysts suggested that a notable shift in market mood has occurred with the breaking of the psychological $60,000 benchmark toward $50,000. 10x Research linked this to buy flows drying up “while sell flows are accelerating.”
While several were looking forward to Bitcoin achieving a new all-time high, it is 26% below its current peak.
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