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, declined by about 2.8 percent on Wednesday to about $59,397. The move of almost two billion dollars worth of cryptocurrencies by the bankrupt crypto exchange Mt Gox may increase the decline in the crypto market.

A wallet linked to Mt Gox has moved nearly two billion dollars of Bitcoin. This exchange is returning the tokens that were stolen almost 10 years ago. This has caused a big fall in the price of Bitcoin. Increasing supply of this token, which has the largest share in the crypto market, can lead to a huge fall in its price. Earlier this year, Mt Gox was seen moving around $9 billion worth of cryptocurrencies. The price of Ether, the second largest cryptocurrency, was down by about 3.4 percent at about $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 increased by almost 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 ETF and the fourth halving of its network. $17 billion has been invested in Bitcoin ETFs in the US. The average trading volume per day in these ETFs is approximately $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, there has been a decline in it since last few months. Tension and regulatory challenges between some countries 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.