At the time of writing, the leading cryptocurrency fell to $60,360, marking a new 24-hour low. The ongoing sell-offs are triggering larger losses for altcoins. This situation has severely impacted risk-taking investors. So, what’s next for cryptocurrencies?
Bitcoin (BTC)
Despite falling inflation, Fed statements have undermined crypto. The US markets hit new records, but crypto fell again. Recently, the German government started moving its crime-related BTC assets to exchanges. Today, the MTGOX trustee announced that billions of dollars worth of BTC will be returned to creditors starting in July, years after the hack.
MTGOX was hacked 10 years ago, and victims waiting for payments will benefit from the significantly increased prices. If you hold BTC for 10 years, you might want to take some profit. This is why the crypto market is concerned about potential billion-dollar sales starting in July. Germany also aims to conduct simultaneous sales as they are moving assets.
BTC has two key supports soon. The first is at $60,400, and the second is at $59,795. If both are broken, the price could find a new low between $56,510 and $52,000.
