Bitcoin price falls below $20,000 yet again over rumors of Mt.Gox’s 137,000 Bitcoin dump

Bitcoin’s roller-coaster ride continued over the weekend as the world’s most popular dipped below $20,000 for the first time since June. Bitcoin was down by 1.5% at $19,946 on Saturday after rumors that the now-defunct Bitcoin exchange Mt. Gox was selling 137,000 bitcoins. Amid the speculation, Bitcoin struggled to hold above $20,000 after temporarily dropping below the value on August 27.

However, Mt. Gox creditors immediately took to social media saying the rumors were false, with one highlighting that the defunct exchange’s repayment system is still not live yet. Mt. Gox creditors took to Twitter to say that these are all false, with one highlighting that Mt. Gox’s repayment system is still not live yet. In one Twitter thread, one of the MT. Gox creditors by the name of Eric confirmed that there would not be a 137,000 BTC dump.

BREAKING:

Mt. Gox will not be releasing the #Bitcoin, and will delay the distribution, once again.

The entire crypto space was stressing out heavily on this, but unwarranted.

— Michaël van de Poppe (@CryptoMichNL) August 28, 2022

Meanwhile, Bitcoin was not alone. Ether also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close. So far Bitcoin is down 58.7% from the year’s high of $48,234 hit on March 28.

On June 18, bitcoin tumbled below $17,665 as the crypto market and other macro events take a toll on the world’s most popular cryptocurrency. Since then, bitcoin has struggled to move past the $22,000 mark. Fast forward nearly two weeks later, the bitcoin price falls yet again below $20,000. Bitcoin is now trading at $19,121 as of the time of writing, according to data from CryptoMarketCap.

Analysts attributed the fall to a number of factors from macroeconomic worries to fear of insolvency of some crypto lending companies. Additionally, fear of inflation and recession and further rate hikes from central banks continue to weigh on the market.