BTC dropped to $59,000 amid concerns over Mt Gox

The price of bitcoin declined on Wednesday, continuing to follow the downward trend of the beginning of the week. The current cryptocurrency quote is $59,934. 

Traders are concerned about possible mass sales of the token due to the payments of the closed Mt Gox exchange. The liquidators of the exchange said they would begin returning bitcoins stolen during the hacking of the exchange in 2014 to customers by early July. The volume of digital assets to be distributed among about 127,000 users is estimated at more than $9.4 billion.

JPMorgan experts predict that a significant portion of the returned bitcoins will be put up for sale, which may have a noticeable impact on the market. The market is expected to recover from this downturn by August.

An additional negative factor is the possible pressure on sales after the recent movements of digital gold to exchanges initiated by the German authorities.

In general, the cryptocurrency market is currently experiencing a noticeable decline. Digital currencies are practically not growing, even despite statements by the head of the US Federal Reserve, Jerome Powell, about progress in reducing inflation, which affected the dollar. Ethereum, the second largest token, fell to $3,287. Sentiment towards Ethereum remains weak, despite reports of a possible approval of an Ethereum spot ETF as early as this week. XRP, Solana and Cardano traded in a narrow range, as did the DOGE and SHIB meme tokens.