Bitcoin Slumps as Bankrupt Tokyo-Based Exchange Begins Payback
Bitcoin price slumped to $57,000 level on Thursday amidst cryptocurrency market routs fueled by uncertainties over US election and global market conditions.
Fueling negative price movements include the recent announcement of a bankrupt Tokyo-based bitcoin exchange that started paying back customers their investment dues.
Bitcoin had a strong start to the year after the launch of exchange-traded funds in the U.S., propelling it to a record $73,803.25 in mid-March as investors poured in.
However the rally has fizzled, with bitcoin losing more than 21% since then followed supply gluts in the market. Bankrupt Tokyo-based bitcoin exchange Mt. Gox will begin paying back thousands of users almost $9 billion worth of tokens.
The platform went under in 2014 following a series of heists that cost it in the range of 650,000 to 950,000 bitcoins, or upward of $59 billion, at current prices. The payout follows a protracted bankruptcy process that’s involved multiple delays and legal challenges.
On Monday, the court-appointed trustee overseeing the exchange’s bankruptcy proceedings said distributions to the firm’s roughly 20,000 creditors would begin in early July. Disbursements will be in a mix of bitcoin and bitcoin cash, an early offshoot of the original cryptocurrency.
Today, the global cryptocurrency market cap has lost 4.06% to $2.14 trillion in the last 24 hours. The total crypto market volume over the last 24 hours reached $90.76 billion, which makes a 45.64% increase.
Also, the total volume in DeFi traded is currently at $7.08 billion, accounting for 7.80% of the total crypto market 24-hour volume. The volume of all stable coins printed at $84.99 billion, which is 93.64% of the total crypto market 24-hour volume.
Most major digital assets fell on Wednesday with bitcoin (BTC-USD) falling below the $61,000 level. The CoinDesk Market Index, which tracks 192 digital assets, was down 2.8% in the past 24 hours.
Bitcoin (BTC-USD), the largest cryptocurrency by market value went down to $60,434 on Wednesday, according to CoinMarketCap data.
At the same time, Ethereum (ETH-USD), the second-largest digital asset, slumped 2.9% to $3,311. BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, fell 2.8%, and Solana (SOL-USD), the fourth-largest, shed 4.2%.
XRP (XRP-USD) lost 2.9%, Cardano (ADA-USD) dipped 0.8%, and Dogecoin (DOGE-USD) slid 3.4%. Elsewhere, the US 10-year Treasury yield was at 4.35%, down from Tuesday’s close of 4.436%, while the five-year yield was at 4.315%, down from 4.394%. Brent Hits $87 as Hurricane Disrupts US Output
