Bitcoin saw a significant decline, dipping below $61,000, during Asian trading hours on July 3, 2024. The decline was partially attributed to concerns over potential large sales from the defunct Mt. Gox exchange, which plans to distribute assets stolen in a 2014 hack later this month. This news has created a bearish sentiment across the market.
During this period, Bitcoin dropped to $60,900, while other major cryptocurrencies like Ether (ETH), Solana's SOL, and Dogecoin (DOGE) also saw declines of up to 3%. Meanwhile, U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin experienced net outflows of $13 million, ending a five-day streak of inflows.
Despite the current market volatility, some traders maintain a bullish outlook for Bitcoin, predicting it could reach $150,000 by year’s end. Tom Lee, head of research at Fundstrat Global Advisors, remains optimistic about a sharp rebound once the Mt. Gox distribution is concluded. The repayment to Mt. Gox creditors will be made in Bitcoin and Bitcoin Cash, potentially adding selling pressure to the markets.