Bitcoin experienced a pullback on Monday, dropping nearly 6% in midday trading, following MT. Gox's creditor distribution announcement.
Bitcoin's price suffered a pullback on Monday, dropping over 5% in daily trading following Mt. Gox's announcement to distribute $9 billion in bitcoin and bitcoin cash repayments starting in early July. The price of the world's largest digital asset by market cap has slipped close to the $60,000 mark, its lowest level in almost six weeks.
Bitget Research analyst Ryan Lee told The Block Mt. Gox's repayment announcement is "a classic 'sell the news' scenario." The analyst added that although the proposed $9 billion repayment is substantial, it is coming up against several factors that can contribute to bitcoin’s resilience. "The bulls will have to console themselves with the knowledge that, as always in crypto, fortunes can reverse extremely quickly," Roarty said.
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