"BTC is falling again, but actually this is your chance to earn more. Who doesn't want a discount coat price."
Sliding up to $58,500, the price of Bitcoin (BTC) continued to bleed as trustees of cryptocurrency exchange Mt. Gox is set to return more than 140,000 BTC to customers whose digital assets were stolen during a 2014 hack.
Reportedly, over $9.4 billion BTC is owed to 127,000 creditors of Mt. Gox that has been waiting for ten years to get its funds back, so BTC could experience selling pressure due to some investors who may want to take a profit.
The massive fall in BTC prices was also triggered by outflows from the US-based spot BTC ETF which saw a withdrawal of nearly $1.12 billion in the past 14 days.
Not only that, the BTC derivatives market experienced liquidations worth more than $1128.91 million in the past 24 hours, of which $119.01 million were long positions while the total liquidations in the entire crypto market amounted to $250 million.
In June 2024, BTC miners sold over 30,000 BTC worth $2 billion which marked the highest monthly sales recorded this year and unfortunately pushed miners' reserves to a 14-year low of 1.9 million BTC.
The entire crypto market including BTC is also affected due to the recently implemented Markets in Crypto-Assets (MiCA) regulation in the European Union plus Binance plans to restrict certain stablecoins to comply with the new EU crypto regulation.
The current macro environment with inflation and high interest rates may also cause investors to re-evaluate riskier assets such as cryptos which have recently become increasingly volatile.
According to Markus Thielen, founder of 10x Research, BTC that failed to break through the higher resistance zone has led to the formation of a double-top price pattern that has the potential to lead to a steeper decline up to $50,000 or $45,000.
As of this writing, BTC price has plunged by 4.24% to $60,394 in the last 24 hours with a market capitalization of $1.1 trillion and has recorded a decline of 8.08% over the last week.