Bitcoin price today: slumps to 2-mth low at $58k amid Mt Gox jitters

Investing.com-- Bitcoin price fell sharply to a two-month low on Thursday, breaking past a key support level as uncertainty over several points of selling pressure, chiefly defunct exchange Mt Gox, saw traders remain averse towards the token.

The liquidators of the exchange said they will begin returning Bitcoin stolen during a 2014 hack to clients from early July. While the scale of the distribution remained unclear, traders bet that given Bitcoin’s massive price appreciation in the past decade, most receivers of the token would be inclined to sell.

Fears of a mass sale saw traders turn largely averse towards the world’s biggest cryptocurrency. This selling pressure spilled over into broader crypto markets, even as recent data showed some improvement in capital flows into crypto.fell 3.5% to $3,242.79 as traders largely disregarded recent speculation over a spot Ether exchange-traded fund. Ether touched an over one-month low, having largely wiped out gains made in May on hype over a spot ETF.

Hawkish signals from the minutes of the Fed’s June meeting somewhat tempered this optimism, while several Fed officials also sounded caution over interest rate cuts.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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