Crypto News- Bitcoin’s Decline to $60K Linked to Mounting Mt. Gox Issues

Crypto News- Bitcoin Drops to $60K Amid Mounting Mt. Gox Concerns

Crypto News– Bitcoin (BTC) dropped to $60,000 during Wednesday morning in Europe, marking a 4% decline over the past 24 hours. BTC was hit hardest among major cryptocurrencies, with the broader digital asset market, measured by the CoinDesk 20 Index (CD20), also falling nearly 3.3%. The decline followed a break in the five-day streak of inflows for U.S. spot BTC ETFs, which recorded $13 million in outflows on Tuesday. Concerns also lingered over potential selling pressure from the distribution of assets by the defunct crypto exchange Mt. Gox.

The Mt. Gox release is expected this week, noted QCP Capital. The overhang of up to 140,000 BTC is likely to continue weighing on markets, especially given the current uncertainty around the release schedule.

Meanwhile, U.S. election-themed meme tokens have seen steep declines, with some dropping by nearly 95% from their peak prices. Jeo Boden (BODEN), a Solana-based token referencing Joe Biden, has plummeted 70% in the past week according to CoinGecko data. BODEN is now down 80% over the last 30 days, returning to levels last seen in early March when it was first issued. Even tokens linked to Donald Trump have seen declines, despite an increase in Trump’s electoral prospects following recent debates.

The political finance (PoliFi) sector has contracted by 11% in the last 24 hours, contrary to expectations of a rally following the June 27 debate. Austin Freimuth, a research analyst at Messari, suggested that a significant upcoming event could be Trump’s selection of his running mate, potentially triggering the creation of new meme coins.

trending crypto chart today

• The chart shows renewed selling in BTC after the bulls failed to establish a foothold above the descending trendline, which characterizes the pullback from $72,000.
• The horizontal line from the late April low of $56,500 is the next significant support.
• Source: TradingView

– Omkar Godbole

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