Bitcoin

Bitcoin.... $Bitcoin (BTC.CC)$ A Liquidation Event On Thursday, while Americans celebrated their Independence, Bitcoin was selling off and selling off quite hard. Early this morning, I saw the largest (by market cap) and best-known cryptocurrency trade as low as $53,70. For now, Bitcoin appears to have found a level in the $55K+ area where there is now some balance in the market. That's down from a high for the week of roughly $63,700 on Monday. A top to bottom beat-down of 15.8% for the week. The sell-off appears to be for an actual good reason. Approximately a month back, long-bankrupt crypto exchange Mt. Gox had announced that it would start repaying creditors in July and that those payments would be made in Bitcoin and Bitcoin Cash. Mt. Gox, for those who may have forgotten, or may have never known, was once one of the largest crypto exchanges in the world. Launched back in 2010, Mt. Gox was hacked in 2011 and went bankrupt by 2014. Reportedly, 600K Bitcoins were stolen in that hack. On Thursday, Frances Yue of MarketWatch reported that more than 47K bitcoins worth more than $2.6B were transferred out of storage in a move thought to be preparation for the announced repayment. Additionally, Yue reported that the US and German governments were said to be selling Bitcoins to crypto exchanges in order to dispose of seized assets acquired through enforcement against illegal activity.