Bitcoin Drops Below $60,000 Amid Potential $9 Billion Mt. Gox Payout and Whale Activity

On July 3, Bitcoin‘s price dipped below the significant $60,000 mark, sparking concerns of extended price consolidation as the potential release of $9 billion in BTC from Mt. Gox looms. Bitcoin dropped 4.2% in the 24 hours preceding 10:33 am UTC on July 3, reaching a low of $59,600. According to CoinMarketCap, the cryptocurrency is down 1.8% over the week. Since June, Bitcoin has been in a downtrend, marking an almost 18% decline in the second quarter of 2024. Investors have been eagerly awaiting a breakout above $70,000 to trigger new all-time highs, but falling below $60,000 could signal a