Cryptocurrency Market Sees Sharp Decline: Causes Revealed
On the night of July 5, the exchange rates for Bitcoin and other major cryptocurrencies experienced a sharp decline following the announcement that the bankrupt Mt. Gox cryptocurrency exchange had begun processing payments to customers totaling nearly $9 billion. This information was reported by tradingview.com.
It is presumed that a significant portion of the cryptocurrency may be sold on the open market. As a result, the price of Bitcoin dropped by 8%, reaching $54,000, the lowest exchange rate since February 2024.
The second-largest cryptocurrency, Ethereum, saw its exchange rate decrease by more than 10%, settling at $2,800.
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