Bitcoin (BTC) started the week trading below the US$60 level, but in the last 24 hours, it has managed to recover and return to the US$61 zone. Traders are feeling uneasy about the news that failed exchange Mt. Gox will begin paying its creditors next week, starting with around US$9 billion in Bitcoin. This could potentially lead to a wave of liquidation if the creditors decide to sell their tokens.
Additionally, investors are turning to other cryptocurrencies, causing a significant drop in the Bitcoin market dominance index. According to data from TradingView shared by CoinDesk, Bitcoin’s dominance registered a 1.8% drop on June 25, currently standing at 54.34%. This marks the largest single-day percentage drop 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 largest cryptocurrency reached its peak at around $61,050 today, but over the past week, it has seen a 6.5% drop in price.
Mt. Gox is expected to start distributing $9 billion in Bitcoin and Bitcoin Cash (BCH) payments in July, according to a recent statement released by rehabilitation curator Nobuaki Kobayashi on June 24. The rehabilitation administrator is currently in the preparation phase to make these payments under the Rehabilitation Plan, with payments anticipated to start at the beginning of July.
Please note that the views expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
