Bitcoin price falls to $57,772.4 as Mt Gox and German government sales weigh on markets

From Investing.com

July 11, 2024 2:06:33 am:

Bitcoin price fell by 2.7% to $57,772.4 as concerns over increased token supplies from Mt Gox and the German government weighed on markets. Bargain buying helped limit losses on the world’s biggest cryptocurrency, still nursing a 15% slump over the past month, as miners could start selling holdings to break even.

Mt Gox and German sales remain key points of contention for Bitcoin, with $9 billion worth of tokens mobilized by the exchange. Fear of miner capitulation leading to more selling persisted as major miners could start offloading holdings. Recent price declines spurred bargain buying, keeping Bitcoin off recent lows and inspiring some confidence.

Altcoins saw mixed prices with major players like Ethereum and Binance Coin posting gains while others such as Ripple and Dogecoin saw losses. Improving optimism about U.S. interest rate cuts impacted crypto prices, with focus now on CPI data for further cues on rates. Fed Chair Powell hinted at progress in controlling inflation but remained cautious about rate cuts.

Read more at Investing.com: down to $57k as recovery stalls; Mt Gox fears persist By Investing.com