Bitcoin Recovery Stalls As Mt. Gox Fears Rattle Crypto Market

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Bitcoin,Ether,Crypto Crash

Robert Hart is a senior reporter for Forbes covering science, technology and health with a frequent focus on artificial intelligence, space, weight loss drugs and emerging technologies. He joined Forbes in 2020 and is based in London. Rob has covered everything from the billionaire space race, the health impacts of overturning Roe v.

Bitcoin prices fell to a four month low on Monday, resuming a weeks-long downturn in the cryptocurrency that has seen prices for other major tokens tumble amid uncertainty over looming selloffs from the German government and creditors of bankrupt crypto exchange Mt. Gox.Bitcoin prices fell more than 6% early Monday morning before trimming losses to trade at around $55,500 as of 3:15 a.m. EST, still 4% down from the same time the day before.

It is the lowest price for the world’s leading digital asset in months and down around $18,000 from an all time high of just under $74,000 in March, a loss of about one fifth. Ether, the world’s second largest cryptocurrency by market capitalization after Bitcoin, followed a similar trajectory, sliding by more than 7% before recovering to trade at around $2,900 at 3:15 a.m., down 4% on the day.

The path was also mirrored by Binance’s BNB, Solana, XRP Ripple, Dogecoin and Cardano’s Ada — the next biggest cryptocurrencies, excluding stablecoins pegged to traditional currencies like Tether and USDC — with falls of between 9% and 11% paring to losses of between 2.5% and 7% at 3:15 a.m.had shed around $20 billion in value over the course of a day at 3 a.m. EST, a drop of around 2% from the day before.

 

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