Bitcoin, which saw gains as July and the second half of the year commenced, has recently entered a downward trajectory over the past three days. The decline, culminating in a drop to $59,600, has prompted speculation about its causes.
Some analysts attribute Bitcoin’s descent to Mt. Gox initiating repayments totaling $9 billion, while others point to significant whale transactions influencing the market. Lookonchain reported a whale depositing 1,023 BTC valued at $62.2 million into Binance, followed by another deposit of 1,723 BTC worth $106 million within 24 hours, correlating with a 3.8% price decrease.
Moreover, Zaheer, a prominent market observer, noted an unidentified whale swiftly selling $180 million in Bitcoin over three minutes. Such substantial transactions within short intervals can exert considerable pressure on BTC prices.
Besides whale movements, attention is drawn to Mt. Gox’s distribution of 140,000 BTC and Bitcoin Cash (BCH) valued at $9 billion as refunds to victims, as announced earlier this month. This commitment by Mt. Gox may also be contributing to the current market dynamics.
As of the time of writing, Bitcoin is trading at $60,197. This situation underscores the volatility inherent in cryptocurrency markets.
*This content is informational and not investment advice.
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