BITCOIN DROPS BELOW $59,000 AMID MT. GOX PAYOUT AND MARKET UNCERTAINTY

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By: Mansoor Ali ( Admin)

Ether also fell by more than 4%, dropping below $3,200. Other major cryptocurrencies such as Binance’s BNB, Solana, and Dogecoin experienced declines

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The slump is linked to concerns about the defunct Mt. Gox exchange beginning the process of paying out its creditors,  includes over 137k BTC valued at approx $8 billion

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There are fears that creditors of Mt. Gox may liquidate their returned Bitcoin and Bitcoin Cash, potentially driving down the prices of these cryptocurrencies further.

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The repayment process to Mt. Gox creditors will happen in stages, adding to market uncertainty.

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The market reacted negatively to the news, leading to the price drops observed in several major cryptocurrencies.

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Bitcoin's price fell below $59,000 for the first time since April, marking a significant decline of more than 3.8% in the past 24 hours.

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Creditors of Mt. Gox will be repaid in Bitcoin (BTC) and Bitcoin Cash (BCH).

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Analysts suggest that the state of the U.S. presidential election is also impacting crypto prices, with concerns arising from  Biden’s performance in the first debate

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The combination of the Mt. Gox payout process and political uncertainties in the U.S. contribute to increased volatility in the cryptocurrency market.

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