Bitcoin experienced one of the biggest selloffs of the post 2024 halving, falling below $59,000 to a price of $58,414 for a nearly 8% drop.
The selloff comes amid an announcement by infamous cryptocurrency exchange Mt. Gox stating the exchange will begin repayments in Bitcoin and Bitcoin Cash under their Rehabilitation Plan starting in July 2024. Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan, and launched in 2010. In February 2014, Mt. Gox abruptly ceased operations amid revelations of its involvement in the loss/theft of hundreds of thousands of bitcoins, then worth hundreds of millions in US dollars.
Mt. Gox currently holds 140,000+ bitcoin worth $8+ billion. The repayment of the bitcoin coupled with the German government selling 3,000 of their 50,000 seized bitcoin appears to have sparked the bitcoin selloff.