CoinDesk Reports:
Increasing selling pressure has driven the cryptocurrency market into negative territory. Bitcoin (BTC) is seen resisting its all-time high of $73,750.07. Following a 7.88% drop the previous day, Bitcoin is currently trading in the range of $54,000. Mt. Gox has announced it has begun reimbursing consumers, intensifying this pressure and ending nearly a decade-long wait for some users to receive their cryptocurrencies.
In 2014, Mt. Gox quickly went bankrupt after being hacked, once one of the largest cryptocurrency exchanges. It incurred losses estimated at approximately 740,000 BTC.
According to data from blockchain analytics firm Arkham Intelligence, earlier today the exchange moved 47,228 bitcoins worth about $2.6 billion from cold storage to a new wallet. The exchange plans to begin distributing funds taken from customers during an attack in 2014 later this month. Funds set to be reimbursed include 143,000 bitcoins in cash, 140,000 bitcoins (worth $7.73 billion), and yen.
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The next stop for Bitcoin after $50,000?
As of writing, Bitcoin is trading at $54,019.41. King Coin dropped 12.07% last week. Prior to falling to its current levels, Bitcoin was trading at $63,491. With potential selling pressure from Mt. Gox in mind, the asset appears poised for a decline. Additionally, analysts from 10x Research noted a significant shift in market sentiment with the breakthrough from the psychological benchmark of $60,000 to $50,000, linking it to “exhaustion in buying flows and acceleration in selling flows.”
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While some anticipate Bitcoin to reach new highs, it currently trails its peak by 26%.
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