The announcement of the Bitcoin and Bitcoin Cash repayment plan by the Mt. Gox exchange on June 24 had a significant impact on the recent decline in Bitcoin’s price. Woo observed that this development affected the market’s high leverage ratio, with Bitcoin initially aiming for $62,500. The analyst pointed out that the existence of speculative long positions resulted in additional liquidations, leading to a drop in price to $58,000. Stay updated with the latest technology news by accessing NEWSLINKER.
