Bitcoin fell over 3%, briefly dipping below $58,000 for the first time in two months, as investors brace for $8.5 billion in repayments from the defunct Japanese crypto exchange Mt. Gox, expected to begin soon.
BTC lost the $60,000 support amid selling pressure, trading at $58,563.36. The anticipated Bitcoin repayments from Mt. Gox, now valued at around $8.5 billion, have raised fears of increased selling pressure, potentially depressing prices further.
Bitcoin briefly touched $57,874 on Coinbase and hit the crucial 200-day Moving Average support for the first time in 10 months.
In the past 24 hours, Bitcoin long liquidations exceeded $73 million, according to CoinGlass. Despite concerns, some investors see the dip as a buying opportunity. Mentions of “buy the dip” doubled on social platforms in the last 48 hours, according to Santiment.
A CoinShares report suggested that the impact of Mt. Gox repayments might not be as severe as expected. Some investors may turn to Bitcoin-themed alternatives in a presale to weather the potential storm.
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