Today in the world of crypto, something extraordinary unfolded.

Here’s what happened in crypto today

The recent decline in Bitcoin’s price below $60,000 is attributed to anticipated Mt. Gox creditor repayments. Mt. Gox, a notorious cryptocurrency exchange that collapsed in 2014, owes creditors approximately $9 billion worth of Bitcoin, which has been locked up for over a decade. As the process of repaying these creditors begins, it is expected that a significant amount of Bitcoin could re-enter the market, potentially causing selling pressure. This situation has led to concerns among investors, contributing to the recent price drop and prolonging the current period of price consolidation in the cryptocurrency market.

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