Bitcoin fell below the US$60,000 mark for the first time since early May, according to CoinGecko data, as Mt. Gox prepares to disburse funds from creditors.
On Monday, the Mt. Gox trustee announced that it will start repaying creditors next week, a move that could introduce more selling pressure and destabilize the market further.
The unfolding of the Mt. Gox saga, a decade-long overhang on the cryptocurrency market, is a critical development as the exchange begins repaying its creditors with over US$9.4 billion in Bitcoin owed to around 127,000 creditors.
The distribution of such a substantial amount could lead to increased market volatility.
Additionally, the recent sale of US$325 million worth of Bitcoin by German authorities, part of nearly US$3 billion in their possession, adds to the current selling pressure.
Data from CoinGlass shows that over US$335 million were liquidated in the 24 hours leading up to 1:30 p.m. ET.
Of that total, almost US$300 million came from long positions.
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