Recently, Bitcoin experienced a significant price crash, which attracted widespread attention in the market. On Friday, the price of Bitcoin plummeted by more than $6,000 in 24 hours, from around $60,182 to $53,600, a historic one-day decline. This sharp drop has caused investors to speculate whether it marks the beginning of a bear market or a correction in the middle of a bull market.
Bitcoin's price trend was quite volatile in 2024. At the beginning of the year, it reached an all-time high of $73,798, but the price has remained unstable since then. There are many factors affecting this sharp decline, the main ones including the upcoming implementation of Mt. Gox's customer compensation program, political uncertainty over Trump's possible return to the White House, and the German government's massive Bitcoin sell-off.
Mt. The Gox customer compensation program will be implemented in July 2024 and is expected to distribute more than $8 billion in Bitcoin and Bitcoin Cash to victims. This large-scale market injection is expected to trigger significant selling pressure, thereby putting downward pressure on the Bitcoin price. Meanwhile, the large-scale sell-off of Bitcoin by the German government further increased the selling pressure on the market and pushed down the price of Bitcoin.
Mt. Gox Customer Reimbursement Program
“Mt. The “Gox Customer Reimbursement Program” is for 2014 Mt. A plan to pay compensation to victims of the Gox exchange hacking incident. Mt. Gox was the largest Bitcoin exchange in the world at the time. In February 2014, it was lost due to a major security breach...