Bitcoin in big Pressure, Price falls to less than USD 60,000, Defunct Exchange Mt Gox Moves USD 700 Crore in Bitcoin

The price of Bitcoin, the largest cryptocurrency in terms of market capitalization, fell by about 2.8 percent to around $59,397 on Wednesday. The decline in the crypto market may increase due to the move of cryptocurrencies worth about two billion dollars from the bankrupt crypto exchange Mt Gox.

A wallet linked to Mt Gox has moved bitcoins worth about two billion dollars. The exchange is returning tokens stolen about 10 years ago. This has led to a huge drop in the price of bitcoin. The token, which has the largest share in the crypto market, may see a huge drop in its price due to the increased supply. Earlier this year, Mt Gox was seen moving cryptocurrencies worth about nine billion dollars. The price of the second-largest cryptocurrency Ether fell by about 3.4 percent to around $2,594. Apart from this, the prices of Solana and XRP have also decreased.

In the first half of the current year, the capitalization of the international cryptocurrency market grew by about 44 percent to $720 billion. The launch of Bitcoin ETFs earlier this year has accelerated the growth of this segment. According to a report by crypto exchange Binance, Bitcoin has registered growth between January and June this year. The main reasons behind this are the launch of Bitcoin ETFs and the fourth halving of its network. In the US, $17 billion has been invested in Bitcoin ETFs. The average trading per day in these ETFs is about $2.3 billion.

The value of Ether has also increased. This year, Bitcoin made its new high level after almost three years. Its price reached more than $ 73,737 in March. However, it has been declining for the last few months. Tensions between some countries and regulatory challenges are the major reasons behind this decline. However, the central government has no plans to regulate this segment. The European Union (EU) and the United Arab Emirates (UAE) have made rules for the crypto segment. Recently, in a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law to regulate the purchase and sale of virtual assets.