- Bitcoin fell below $20,000 over the weekend due to selling pressure in stocks and cryptocurrencies.
- BTC price back to key Above the level, the bulls are currently battling the bears around $20,245.
- The Bitcoin market is not The move reportedly released 140,000 Mt. Gox bitcoins to creditors.
Bitcoin climbed back above $20,000 on Monday after Friday’s sell-off, and finally fell near $19,600 over the weekend.
Stock sell-off
Wall Street picture, and the fact that U.S. stocks are also under selling pressure since Powell’s hawkish comments on Friday did add to the overall gloom.
After falling more than 3.3% on Friday, the S&P 500 opened lower on Monday and is now down 0.6%. The Dow Jones Industrial Average and Nasdaq were also in the red as the US 10-year Treasury yield exceeded 3%’
Mt. Gox sell-off ‘didn’t happen’
and broader sell-off in risk markets at Fed Jero Behind Powell’s Jackson Hole crackdown comes some negativity in the Bitcoin market amid the fear and uncertainty associated with the Mt.Gox news.
As August draws to a close, payment expectations to creditors of defunct bitcoin exchanges rise, with nearly 140,000 BTC Concerns over what the coin sell-off will do to prices has gripped the crypto retail market. But the rehabilitation program announced last month will not be a one-time offer. Instead, it will last for months.
Crypto analyst Michael van de Poppe commented that the payout should not deter traders, stating in a tweet :
BREAKING:
Mt. Gox will not release #Bitcoin and will delay distribution again.
The whole crypto space is emphasizing this, but without foundation.
— Michaël van de Poppe (@CryptoMichNL) August 28, 2022
At the time of writing, BTC is trading at approximately for $20,245. It has gained about 1.2% in the past 24 hours.
But while bulls are struggling to hold psychological support areas, weakness in risk assets could still push cryptocurrencies into the session Lows and a possible retest of the $19,000 area.
