Investing.com — has shed by more than 10% in less than a week, dropping from a comfortable position above $66,500 to around $61,300 as the market is digesting the refund of assets from now-defunct exchange Mt. Gox.
Mt. Gox’s trustee will reportedly start returning more than 141,900 BTC, valued at around $8.7 billion, to creditors beginning in July. Bitcoin reached a record high near $74,000 in mid-March, driven by a surge of interest in new spot exchange-traded funds, but its price has since fallen.
“While it’s uncertain how much of the distributed BTC will be sold by creditors, we do not expect all or even most of the coins to be sold in the short term,” H.C. Wainwright analysts commented. “Many of these early investors in BTC have a hodl mentality and very low cost bases.”
Elsewhere, shares of AI-linked bitcoin miners outperformed pure-play miners, rising by 11.5% compared to a 1.4% increase for the latter group….
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