It was a rather unusual day for the crypto market. While Bitcoin (BTC) plummeted by over 8% at one point, altcoins showed resilience, maintaining their positions as BTC dominance decreased by nearly 1%. Despite being in a bearish trend for the last 18 days, BTC appears to have found support at $58.5k. Before the daily closing candle, it managed a slight rebound above $60k. Bitcoin has gone below the 60k USD mark only once after February this year.
The sharp decline in BTC prices may be linked to the upcoming repayments from the now defunct exchange Mt. Gox. Mt. Gox, which ceased trading in 2014, is expected to repay creditors with BTC and BCH worth over $9 billion, starting in July. However, some analysts predict that the actual Bitcoin sales could be less significant than the market currently anticipates.
