Bitcoin Price Drops Below $58,000 For The First Time In 2 Months

Forbes Staff

Siladitya Ray is a New Delhi-based Forbes news team reporter.

Jul 4, 2024,02:58am EDT

Updated Jul 4, 2024, 09:11am EDT

Topline

The price of bitcoin fell below $58,000 for the first time in two months early Thursday, with several other major cryptocurrencies slumping as well, amid concerns about the impact of the defunct Mt. Gox exchange returning a large amount of bitcoin to its creditors.

The price of the world's most valuable cryptocurrency fell below $59,000 for the first time since ... [+] April.

CFOTO/Future Publishing via Getty Images

Key Facts

After consistently hovering above the $60,000 mark, the price of the world’s most valuable cryptocurrency fell early Thursday—down more than 5% in the past 24 hours.

The price of ether was down more than 5.4% and dropped below $3,200, while other popular tokens such as Binance’s BNB, solana and dogecoin were down 6.1%, 8.8% and 7.2% respectively.

The slump comes amid concerns about the administrators of the defunct Mt. Gox exchange starting the process of paying out its creditors in crypto tokens—including nearly 140,000 bitcoins worth around $8 billion.

The large payout, which will happen in stages, has triggered concerns that the creditors may attempt to liquidate some of their returned crypto assets and drive down their prices.

Mt. Gox’s creditors will be repaid in bitcoin (BTC) and bitcoin cash (BCH).

Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.

Surprising Fact

Analysts cited by Bloomberg note the state of the presidential election may also be having an impact on crypto prices. President Joe Biden’s shaky performance in the first debate has led to calls for him to exit the race. Bloomberg reports the cryptocurrency market is concerned about the possibility of a stronger Democratic candidate replacing Biden to take on the former President Donald Trump, who has in recent months presented himself as a pro-crypto leader.

Big Number

18.3%. That is how much the price of bitcoin has fallen in the past 30 days. The slump comes after the token reached an all-time high of above $73,700 in March largely driven by the regulatory approval and launch of spot bitcoin exchange traded funds.

Further Reaidng

Bitcoin Slides on Biden Drama, Risk of Sales Linked to Mt. Gox (Bloomberg)

Follow me on Twitter. Send me a secure tip.

Siladitya Ray

Following

One Community. Many Voices. Create a free account to share your thoughts.

Read our community guidelines .

Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.

In order to do so, please follow the posting rules in our site's Terms of Service. We've summarized some of those key rules below. Simply put, keep it civil.

Your post will be rejected if we notice that it seems to contain:

False or intentionally out-of-context or misleading information
Spam
Insults, profanity, incoherent, obscene or inflammatory language or threats of any kind
Attacks on the identity of other commenters or the article's author
Content that otherwise violates our site's terms.

User accounts will be blocked if we notice or believe that users are engaged in:

Continuous attempts to re-post comments that have been previously moderated/rejected
Racist, sexist, homophobic or other discriminatory comments
Attempts or tactics that put the site security at risk
Actions that otherwise violate our site's terms.

So, how can you be a power user?

Stay on topic and share your insights
Feel free to be clear and thoughtful to get your point across
‘Like’ or ‘Dislike’ to show your point of view.
Protect your community.
Use the report tool to alert us when someone breaks the rules.

Thanks for reading our community guidelines. Please read the full list of posting rules found in our site's Terms of Service.