Bitcoin's value dipped below $59,000 on Thursday, currently trading at $58,827, according to The Block’s bitcoin price page. The cryptocurrency has shed 3.38% in the last 24 hours to reach its lowest levels since early May, despite market anticipations of a price rebound.
The cryptocurrency’s recent volatility has been largely attributed to the imminent payout for creditors of collapsed cryptocurrency exchange Mt. Gox, who are expected to receive around 142,000 BTC, worth about $9 billion, starting in July. Lucas explained that the significant repayment in bitcoin will add “substantial selling pressure” to the market as it absorbs the additional supply.
While investors looked forward to two or more interest rate cuts this year, the Fed said it considers only one reduction in borrowing costs for the rest of this year. “ has contributed to a risk-averse sentiment among investors,” BTC Markets’ Lucas said. “Although many analyses predict a significant rise in July, we believe that due to the lack of market liquidity and the absence of new narratives in the crypto sector, it is difficult to see a notable increase without the major benefit of interest rate cuts,” Bit.com Chief Marketing Officer Toya Zhang told The Block.
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