Why did bitcoin fall below $58,000?

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Bitcoin has fallen below $58,000 due to several key factors:

1. Mt. Gox Repayments: The upcoming distribution of approximately 140,000 BTC to Mt. Gox creditors in July has raised fears of a sell-off. Mt. Gox, once the largest Bitcoin exchange, collapsed in 2014, and its creditors have been waiting years to recover their funds. The news that these bitcoins will finally be distributed has raised concerns about increasing selling pressure in the market.

2. Whale Wallet Activation: Recently, Bitcoin wallets that had been dormant for over a decade have been reactivated, contributing to market uncertainty. These moves often spark speculation about potential big sales.

3. Market Movements and Macroeconomic Factors: Additionally, recent economic data and ETF sales have also affected market sentiment. Selling pressure has been increased by significant selling by long-term investors looking to take profits, as well as global economic uncertainty.

4. Regulations and Policies: Regulatory changes and government policies in different countries have also affected the perception and value of Bitcoin. Uncertainty over how governments will handle cryptocurrencies remains a major risk factor.

These elements have contributed to the recent decline in the price of Bitcoin, which is being closely watched by analysts and market participants to anticipate possible future movements.