Bitcoin and the broader cryptocurrency market took a tumble on Monday, with Bitcoin (BTC) falling below $60,000 for the first time since early May.
This drop follows a rough start to the week, with Bitcoin losing over $2,000 in a few hours and reaching a six-week low of $62,100. The situation worsened as the day progressed, pushing Bitcoin under the $60,000 mark.
The altcoin market also suffered significant losses, with several coins experiencing double-digit drops and many others falling by 5-10%.
The news that the defunct Mt. Gox exchange will start returning over 140,000 BTC to clients in July is seen as a potential source of selling pressure.
Negative sentiment may contribute to the decline, with investors apprehensive about the upcoming Mt. Gox distribution.
Analysts are divided on the potential impact of the Mt. Gox liquidation. Some fear a large influx of coins could flood the market and drive prices down. Others believe the actual number of coins sold will be lower than expected and that long-term holders may be more likely to hold onto their coins.
Bitcoin is currently trading at around $60,203.91 down over 6% in the past 24 hours. The total market capitalization of Bitcoin has fallen below $1.2 trillion.
