Why are cryptocurrencies falling? 🤔🤔
Of course, all cryptocurrencies turned red as BTC lost over $1,400 in just two hours. Today's drop is once again worrying about excess BTC supply. MTGOX announced it will refund over 140,000 BTC to its owners starting this month.
According to creditor posts on Reddit, X, and Telegram, refunds are being processed through the Kraken exchange. Additionally, MTGOX transferred an additional 47,500 BTC to various addresses today. Debt holding billions of dollars faces an attractive selling opportunity with more than 200 times returns at current prices.
Investors, fearing that those receiving their funds would be refunded quickly, acted early to reduce their risk, leading to a decline in BTC's price. Furthermore, this is not the only problem. The US government moved $4 million worth of BTC to Coinbase Prime, signaling a new energy selling platform. The United States Holds Billions of Dollars in BTC Confiscated in Various Situations