Bitcoin slides amid concerns about sales from Mt. Gox

Bitcoin is under pressure again on concerns about possible sales of the token by creditors of the failed Mt. Gox exchange, which has begun returning a roughly $8 billion hoard of the largest digital asset, News.Az reports citing Bloomberg.

The cryptocurrency slid as much as 5.2% on Monday before paring some of the wobble to trade at $55,290 as of 12:13 p.m. in Singapore, some $19,000 below March’s record high. Smaller tokens such as Ether and XRP sank too.

Sentiment has also been hampered by signs of German government disposals of seized Bitcoin, while global markets as a whole are in a cautious mood as investors digest the results of weekend legislative elections in France.

Once the world’s biggest Bitcoin exchange, Tokyo-based Mt. Gox was hacked in 2011 and went bankrupt in 2014. The long-awaited, staggered return of tokens to creditors spotlights a potential wall of supply coming into the market.

The charts below analyze the outlook for Bitcoin following the token’s 25% retreat from its all-time peak in the first quarter.

News.Az