Bitcoin Drops Below $59,000 as Fears of Mt. Gox Repayments and Miner Sales Loom
Bitcoin dropped below $59,000 due to fears of sell pressure from Mt. Gox repayments and possible miner sales, causing major tokens like ether and Solana's SOL to also decline. Trading firm QCP Capital predicts a subdued market in the next quarter due to uncertainty around the Mt. Gox bitcoin supply release. The repayments will be made in bitcoin and bitcoin cash (BCH), and could add selling pressure to both markets. Futures trades betting on higher prices lost over $230 million in the past 24 hours, with liquidations data tracked by CoinGlass showing that BTC and ETH-tracked futures saw over $60 million in long liquidations each.
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