In the early morning trading session, Bitcoin faced a 3% decline in its price before recovering to trade around $58.8K during the Asian market hours. Other cryptocurrencies like Solana and Dogecoin also experienced significant drops.
The selling pressure intensified due to the gradual return of over 137,000 Bitcoins by Mt. Gox to creditors. Investors are cautious about the potential impact of this $8 billion return, including concerns over potential sell-offs by both creditors and authorities who have seized Bitcoin.
Over the past 24 hours, market volatility led to the liquidation of 100,565 traders, totaling approximately $261.98 million in liquidated assets. The largest single liquidation order, valued at $4 million, occurred on the OKX platform for ETH-USD-SWAP.
Bitcoin miners are also struggling amid decreased mining profitability, exacerbated by recent price declines. This situation has led to signs of miner capitulation, indicated by reduced hash rates and mining revenues since the halving event earlier this year.
Despite these challenges, Standard Chartered remains bullish on Bitcoin’s future. The bank forecasts that Bitcoin could reach $100,000 by the time of the U.S. presidential election in November, potentially setting new records in August. Their year-end predictions stand at $150,000, with a longer-term outlook of $200,000 by 2025, contingent on various geopolitical outcomes, including the potential reelection of former President Donald Trump.