Bitcoin price drops to $54k on distribution of stolen tokens from Mt Gox

From Investing.com: 2024-07-07 21:38:54

Bitcoin plunged in early Asian trading, hitting a four-month low due to concerns about token supply from Mt Gox. The cryptocurrency fell 5.8% to $54,601.7, approaching its weakest level since February. Traders worry about the distribution of tokens stolen in a 2014 hack, worth around $9 billion, which could flood the market.

Mt Gox trustees announced they began returning stolen tokens to creditors through exchanges, sparking fears of increased token supply and causing a sell-off. Bitcoin prices suffered, dropping below a key support level of $55,000. The market reacted with widespread dumping of the token, pushing the broader crypto market down, with Ethereum also falling to a two-month low.

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