Bitcoin and cryptocurrencies have seen sharp declines in recent days.

Bitcoin is falling again. The price of the queen of cryptocurrencies briefly fell below $60,000 on Wednesday, July 3. It hit $59,823 at 12:35 p.m. and lost nearly 4% of its value over a day at that time, according to the Coinmarketcap website. It has since risen very slightly above this symbolic threshold of $60,000.

Bitcoin has been in the red for a month. It has lost more than 12% of its value, going from $68,905 on June 3 to $59,823 on July 3.

The drop is being driven by two main factors. First, cash outflows. U.S.-listed exchange-traded funds (ETFs) that track bitcoin saw $13 million in outflows, reversing a five-day streak of inflows. Second, the price drop is being driven by concerns over the MT. Gox exchange, which is set to reimburse customers who were hacked in 2014. That should lead some users to sell the crypto they receive, which would weigh on the price.

QCP Capital has expressed doubts about a rise in the price of bitcoin in the coming months. In a message published on Telegram, the group states that “for the future, we expect a mixed third quarter for BTC (bitcoin, editor’s note), as the market remains uncertain about Mt. Gox’s supply.”

According to QCP Capital, “the Mt Gox release is also expected to take place this week” and “this excess, which could reach 140,000 BTC, should continue to weigh on the markets, especially since the exact release schedule is currently unknown.”

The prospects of seeing a bitcoin rise again are therefore, a priori, not for right away. At 2 p.m., the cryptocurrency was struggling to hold at $60,100.


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