he went down to the bottom two months; $50k becomes significant support with Investing.com
Investing.com– The price of Bitcoin fell to a two-month low on Thursday, breaking through a key support level as uncertainty over several pressure selling points, particularly the Mt Gox exchange, saw traders remain reluctant for the token.
The world’s largest cryptocurrency took little support from the weakness of the dollar, which falls amid increasing bets on an interest rate cut by the Federal Reserve. Broader crypto prices also followed Bitcoin lower.
down 3.2% over the past 24 hours to $59,046.0 at 23:37 ET (03:37 GMT). The token dropped to $58,055.4.
Mt Gox, dropping fear hits Bitcoin
Bitcoin lost heavily in the past week as traders braced for a potential sell-off event, largely stemming from defunct crypto exchange Mt Gox.
Exchange dealers say they will start returning Bitcoin stolen during the 2014 hack to customers from early July. While the extent of the distribution remains unclear, traders are betting that given Bitcoin’s huge price appreciation over the past decade, most of the token’s recipients would be willing to sell.
Such a situation indicates a large amount of selling pressure on Bitcoin. Several large whales have appeared to include Bitcoin in trading for sale, while the token was also pressured by the reported sale of tokens seized by the German government.
Fears of a massive selloff saw traders turn heavily to the world’s largest cryptocurrency. This selling pressure spread to the broader crypto markets, as recent data showed some improvement in crypto cash flows.
Crypto price today: Altcoins fall, hope level offers little support
The broader crypto prices also retreated on Thursday and have experienced significant losses over the past week.
The World’s no.2 token fell 3.5% to $3,242.79 as traders largely ignored the latest speculation on the Ether exchange. Ether touched a more than one-month low, largely erasing gains made in May on hype over the spot ETF.
and slipped between 4% to 9%, while among the meme coins, and spent about 6% each.
Crypto prices took little support from the weakness of the dollar, which fell as part of a weak labor market and business activity readings raised expectations of an interest rate cut by the Fed.
Hawkish signals from the minutes of the Fed’s June meeting echoed this optimism, while several Fed officials also expressed caution about interest rate cuts.
The focus was now on key data due on Friday, which is expected to provide clear indications on the labor market.
