Bitcoin Falls Below $60,000 Amid Word Mt. Gox Trustee Will Soon Pay Out $9.4 Billion of BTC
$Bitcoin (BTC.CC)$ fell below $60,000 for the first time since May during Monday's trading, with some attributing the drop to news the trustee overseeing failed crypto exchange Mt. Gox saying will soon pay $9.4 billion of the cryptocurrency to creditors.
BTC fell to as low as $59,831 Monday afternoon before slightly recovering to change hands at $60.095.88 shortly after 2 p.m. ET, down 6.2% on the day.
Bitcoin sank following an announcement from the trustee overseeing Mt. Gox – a crypto exchange that collapsed in 2014 – that it will begin paying 127,000 creditors more than $9 billion worth of BTC next week.
The payments could hypothetically create selling pressure on Bitcoin as creditors sell off what they receive.
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