Your current location is:FTI News > Platform Inquiries
Mt Gox cryptocurrency exchange collapse triggers market panic, Bitcoin plummets
FTI News2025-07-27 20:03:25【Platform Inquiries】5People have watched
IntroductionRegular mt4 foreign exchange trading platform dealer,Foreign exchange platform Futuo,Bitcoin plummeted in early Asian trading on Monday, reversing a slight weekend rebound and hitting a
Bitcoin plummeted in early Asian trading on Regular mt4 foreign exchange trading platform dealerMonday, reversing a slight weekend rebound and hitting a new low not seen in over four months, due to concerns that the defunct cryptocurrency exchange Mt Gox might release a large supply of tokens.
As of 21:28 Eastern Time (01:28 GMT), Bitcoin, the world's largest cryptocurrency, fell 5.8% in the past 24 hours to $54,601.7, nearing its lowest level since late February. Bitcoin also broke through the crucial $55,000 support level.
For the past two weeks, Bitcoin has been under enormous downward pressure due to market concerns over the distribution of Mt Gox tokens. Last week, the exchange's trustee announced they had begun distributing the tokens stolen in the 2014 hack to creditors via multiple exchanges, though they did not specify the number of tokens returned.
Earlier this year, it was discovered that wallets associated with the exchange had moved approximately $9 billion worth of Bitcoin.
Mt Gox has been a major point of contention in the cryptocurrency market, as traders speculate that given the substantial increase in Bitcoin's price over the past decade, creditors receiving the tokens might sell them on the open market, increasing the token supply.
Concerns over this situation have triggered widespread token sell-offs, with several Bitcoin "whale" wallets also activating and selling their holdings.
The Bitcoin sell-off has affected the broader cryptocurrency market, with Ethereum, the world's second-largest token, dropping 7.3% to a two-month low.
Risk Warning and DisclaimerThe market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.
Very good!(1)
Previous: STB Provider is a Scam: Beware!
Related articles
- UK FCA's Latest Warning Summary: Involves 45 Unauthorized Companies
- CBOT Position Divergence: Corn Short Positions Surge, Wheat Bulls Counterattack
- Trump's oil tariff policy could potentially raise costs for American consumers.
- Gold rises past $3,000, driven by Middle East tensions and Fed decisions.
- NAB expects to lay off 222 employees as the banking job cuts wave hits Oceania.
- Corn long positions surge, while wheat and soybean shorts rise, influenced by weather and demand.
- Gold prices have retreated, but demand for safe
- CBOT grain futures fluctuate as the market's tug
- Bridge Markets Scam Alert: Protect Your Finances
- Comex gold inventories hit a record high.
Popular Articles
Webmaster recommended
Is Turbo Funding compliant? Is it a scam?
Concerns over tariffs have eased, leading to an increase in Canadian oil prices.
CBOT grain trends diverge, soybean oil rises, corn and wheat under pressure
Chicago wheat futures continued to decline as fears of cold weather eased.
Finance Giants Series: IG Group
The CBOT grain market is under pressure as funds significantly increase short positions.
Crude oil prices rise due to supply concerns, with WTI and Brent reaching new highs.
Corn prices rise, soybean prices fall, highlighting volatility in the CBOT futures market.