Cryptocurrency Market News: Bitcoin Briefly Slips Below $60K, SEC Drops Ethereum Probe
June hasn't been kind to bitcoin: The price of the cryptocurrency briefly slipped below the $60,000 level Monday after it looked like it could surpass the previous all-time high of more than $73,000 earlier in the month.
The most recent negative news for bitcoin comes in the form of a coming distribution of bitcoin owed to former customers of defunct bitcoin exchange Mt. Gox, which is estimated to involve as many as 140,000 bitcoin coming onto the market.
That said, the past week hasn't been all bad news for crypto, as the U.S. Securities and Exchange Commission (SEC) concluded its investigation into Ethereum and blockchain technology firm Consensys without filing any charges. In addition, crypto asset manager Hashdex has filed for a spot crypto exchange-traded fund (ETF) that will focus on diversification.
The defunct bitcoin exchange Mt. Gox announced it will begin the long-awaited process of returning assets to its customers in July, over a decade after it filed for bankruptcy following multiple hacking incidents. The total amount of bitcoin to be distributed remains uncertain, with estimates ranging from 65,000 to 140,000 bitcoin, potentially valued at up to $9 billion.
While some investors worry that the influx of these bitcoins could depress prices, others argue that the potential selling pressure may be overstated, noting that creditors have had years to sell their claims if they needed funds urgently. The announcement of the impending Mt. Gox repayments caused bitcoin's price to briefly dip below $60,000 Monday, continuing its downward trend for the month.
According to data from Farside Investors, spot bitcoin ETFs have now suffered their largest outflows over a two-week period since U.S. spot bitcoin ETFs
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