Monday saw a decline in the price of bitcoin due to ongoing worries over distributions made by the now-defunct cryptocurrency exchange Mt Gox, which also negatively impacted confidence in the wider cryptocurrency markets.
The biggest cryptocurrency in the world did, however, find some support on Monday around the $55,000 mark, having fallen to levels below those of the previous four months.
A declining dollar appeared to have little effect on the token or the larger cryptocurrency market, as reports indicated that large holders of Bitcoin wallets had also started to prepare their wallets for possible sales.
When the Mt. Gox distribution started, bitcoin plummeted. The token distribution process for customers impacted by a 2014 hack has commenced, according to trustees of the now-defunct exchange.
Wallets connected to the exchange were observed transferring about $9 billion worth of Bitcoin early this year, though the trustees have not disclosed the exact amount of the disbursements.
In light of Bitcoin’s enormous price increase over the previous ten years, traders sold the cryptocurrency out of concern that token holders would be strongly pushed to sell their holdings. The token is under intense selling pressure in such a situation.
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