In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. From a high of nearly $72,000 in early June, the price of BTC has now declined by almost 25%. Here are the key factors behind yesterday’s dramatic fall in price. #1 Mt. Gox’s Bitcoin Repayments The impending distribution of 142,000 BTC by the defunct crypto exchange Mt. Gox has significantly stirred market anxiety. This amount, representing 0.68% of the total Bitcoin supply, is slated for distribution among the creditors of the exchange, which ceased operations in 2014 due to a major hacking event. The distribution process has already seen large transfers, with 52,633 BTC moved in recent hours, suggesting that preparations are underway for a large-scale disbursement. Market observers and analysts are closely monitoring these movements, as the potential for massive selling by these creditors could inject considerable volatility into the market. The psychological impact of this distribution has presumably led to preemptive selling among Bitcoin holders, further amplifying market jitters. #2 German Government The German government’s decision to begin ..
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