The announcement of the Bitcoin and Bitcoin Cash repayment plan by the Mt. Gox exchange on June 24 had a substantial impact on the recent decline in Bitcoin’s price. Woo observed that this news had a significant effect on the market’s excessive leverage ratio, with Bitcoin initially aiming for $62,500. As per the analyst, the existence of speculative long positions resulted in additional forced sales, ultimately leading to a drop in price to $58,000. Stay updated on the latest technology news by visiting NEWSLINKER.
